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Bank of Thailand’s Governor Considering Implementing Blockchain Tech

Bank of Thailand’s Governor Considering Implementing Blockchain Tech

Bank of Thailand’s (BoT) governor announced that the bank is seriously considering to add blockchain tech to various applications during his speech at the Bloomberg ASEAN Businesses Summit this past July 12. Dr. Veerathai Santiprabhob said that the bank was reviewing and going over applications that could use some blockchain support for facilitating cross-border payments, document authentication, and supply chain solution.

He said that blockchain for international cross-border payments “improve regional financial connectivity and facilitate smoother cross-border financial services.” He also stated that blockchain would play an important role in fraud reduction and securing financial documents.

“The Bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services.”

“Adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities.”

The BoT governor then spoke about the bank’s constantly updated regulations which encourage competition between the banks- which is good because it leads to better developments for the people. Thailand has recently made two plays in crypto regulation.

The country’s Finance Minister enforced a new tax framework for cryptocurrencies and documented how they’ll work. The second move came from the Thai’s own SEC (Securities and Exchange Commission) which stated that new ICO (initial coin offerin) regulations will come into effect on July 16, 2018. Dr. Santiprabhob also spoke about issuing a central bank for the digital currency. Thailand is finally starting to embrace the technology, which means its citizens will have a way to invest, trade, and utilize cryptocurrency.

 

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

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