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Bank Of Thailand Announces Digital Currency

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Bank Of Thailand Announces Digital Currency | Samui Times
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The Bank of Thailand (BOT) is set to enter the digital age after announcing the launch of its digital currency.

The move is to help the business sector’s competitiveness upon entering the modern economy with large companies being the first to introduce it.

The system is intended to act as a technological breakthrough that helps companies to spend more easily, such as through consistency in the flow of funds and simplifying payments.

“It is like using the baht currency in digital form,” said Governor Chantavarn Sucharitakul, BOT assistant. Siam Cement will use this digital currency to incorporate smart contracts as the business deals with suppliers, she said. The project begins in July and continues until the end of the year in which the BOT publishes a description and score.

The Central Bank strongly believes that continuous collaboration and development of financial innovation with the corporate sector will help lay a strong foundation on which to build technological capacity and preparedness for financial services and companies entering the digital era quickly.

In addition, BOT is also open to private sector investments to further foster creativity and identify new applications for possible currency adoption, the Bank said in a declaration.

This is the second digital currency to be launched in the area in November last year, following the introduction of the Singapore Monetary Authority project.

 

SOURCE: The Nation Thailand 

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