The Bank of Thailand has moved ahead with its digital currency project lnthanon by building a blockchain-based prototype solution to settle inter-bank payments.
Developed as part of the first phase of Project lnthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency. The prototype aims to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand. Launched in August 2018, the first phase of the project lnthanon focused on building the fundamental payment infrastructure, while the application of blockchain technology for other functionalities will be explored in the subsequent phases.
The solution will enable decentralized interbank real-time gross settlement (RTGS) using a wholesale Central Bank Digital Currency (CBDC) for faster payments, Bank of Thailand technology partner Wipro said.
The project’s banking partners include Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC, among others.