The Bank of Thailand (BoT) is considering the issuance of their own cryptocurrency, according to the bank’s governor in a statement on June 5th.
In a speech on Thai economic development, the governor of the Bank of
Thailand, Veerathai Santiprabhop, spoke of the new project in which the central bank
and other Thai banks will join forces to create a new way to carry out interbank
settlements using a cryptocurrency, issued by the central bank.
According to the bank, the adoption of their own currency by the banking system will
reduce the time of transaction and validation, as well as the costs
“due to the lower processing of intermediaries necessary in comparison with the current systems”
Veerathai, noted that the bank is not prioritizing the adoption of the CBDC (the tentative
name of the potential cryptocurrency), but is focused on exploring the potential of technology. The governor stressed that the bank is an “innovation facilitator”, as well as a
“regulator to safeguard financial stability”.
In other news, in an annual live question and answer session, Russian President, Vladimir Putin said that neither Russia or “any other country” will have their own cryptocurrency “by
definition”, given the border-less origin of cryptocurrencies.
by Samuel Paz