The Bank of Thailand (BOT) has announced the development of a Central Bank Digital Currency (CBDC), according to a press release from the group.
This project will build upon something the bank has previously done called Project Inthanon.
“The BOT recognizes and supports the important roles of financial innovation and technology in enhancing the competitiveness and readiness of the business sector entering the digital age,” the release notes. According to the BOT, this project represents that vision entirely via them adapting to new technology.
Their prototype should “increase the flexibility for fund transfers” and ensure payments can be sent faster between groups. It will begin testing next month and should last for the rest of 2020. Afterward, the BOT will release a project summary and the rest of the results of it all.
The release continues, specifically mentioning Project Inthanon:
“In addition, Project Inthanon, the collaborative project between the BOT and the eight leading financial institutions to study and develop the proof-of-concept for domestic wholesale funds transfer using wholesale CBDC, has been accomplished in January 2020 with the successful completion of the cross-border transfer prototype co-developed with the Hong Kong Monetary Authority (HKMA).”