Bank of Thailand has launched a blockchain-enabled platform for the issuance of government saving bonds

Recently, the central bank of Thailand, Bank of Thailand (BOK), has officially launched a Blockchain platform, supporting the issuance of government savings bonds.

Bank of Thailand has launched a blockchain-enabled platform

According to the press release, the Thai central bank sold 50 billion Baht ($ 1.6 billion) worth of government savings bonds over one week.

The press release states:

“blockchain-backed platforms will help build a safer, more efficient mechanism to issue government bonds and also assist in reducing related operating costs.”

Thailand had redirected its bond market to Blockchain platforms when the Ministry of Finance announced a change in market operation plan. Specifically, in June 2020, they announced they would sell $ 6.42 million worth of low-denomination government savings bonds using the state-owned Krung Thai Bank blockchain wallet.

The release adds:

“In the next phase, the infrastructure will expand to support all the different government bonds.”

Also last month, Thailand’s Ministry of Finance announced that the proceeds from the sale of savings bonds worth $ 1.6 billion would be used to finance the government’s budget deficit.

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