Bank of Thailand (BOT) is partnering local financial institutions to launch a project dubbed "Inthanon" to develop a wholesale Central Bank Digital Currency (CBDC). The project is also expected to enhance operational efficiency of the Thai financial market infrastructure using Distributed Ledger Technology (DLT).
The BOT and the participating banks will collaboratively design and develop a proof-of-concept prototype for wholesale funds transfer by issuing wholesale CBDC. The prototype will be built New York-based startup R3's scalable blockchain platform called Corda.
Project Inthanon is led by BOT, with R3 as a technology partner, and 8 participating banks including Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Thai), and The Hongkong and Shanghai Banking Corp. Ltd.
BOT said Inthanon is in line with similar projects launched by other major central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore.
Apart from Project Inthanon, the BOT is also conducting a DLT proof of concept for scripless government savings bond sale to improve operational efficiency.
Project Inthanon Phase 1 involves developing the proof-of-concept prototype, which is expected to be completed by the first quarter of 2019. It then envisages to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.
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