Thailand’s central bank will start work on a prototype for a payments system that uses CBDC next month
Bank of Thailand plans to build a prototype a new payment system for businesses based on the digital currency system it is developing, called Project Inthanon.
Thailand’s prototype is for a commercial payment system that will, it claims, make payments more efficient, faster and more flexible. The system will integrate into the systems of Thailand’s oldest cement company, the 106-year-old Siam Cement Public Company Limited, as well as its suppliers.
“The prototype is expected to serve as a financial innovation that enables higher payment efficiency for businesses such as increasing flexibility for fund transfers, or delivering faster and more agile payments between suppliers,” the Bank of Thailand said in a press release.
That prototype was completed in December and relied upon Corda, the blockchain platform created by blockchain company R3. The Bank of Thailand said it will continue to work with the city state’s central bank, the Hong Kong Monetary Authority.
As AZCoin News reported on January, Hong Kong and Thailand have begun piloting a central bank digital currency (CBDC) for cross-border payments. The Hong Kong Monetary Authority and the Bank of Thailand have stated that they have built a prototype for a cross-border blockchain payment system. The Inthanon-LionRock project, completed in December, allows banks in Hong Kong and Thailand to send money to each other through smart contracts.