Bank of Thailand Deems Blockchain Technology for Cross-Border Payment, Competition & Innovation

The Governor of Bank of Thailand (BoT), Dr. Veerathai Santiprabhob, said that bank is planning to consider blockchain tech for different applications. He revealed this on July 12 in his speech at Bloomberg ASEAN Business Summit.

Veerathai noted that the bank was particularly reassessing blockchain applications majorly for document authentication, supply chain financing and cross-border payments. 

The use of improved blockchain technology for cross-border payments would encourage flabby cross-border financial services and enhance regional financial connectivity, according to Governor Veerathai. 

With Blockchain, The Future Is Very Bright 

The governor is also optimistic that blockchain technology will play a bullish and significant role in securing financial information and controlling fraud: 

"Adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities." 

The BoT governor, during his speech on July 12, hinted at the bank's currently happening development of updating regulations to embolden innovation and competition, and facilitate low costs of financial services. 

Not Once Not Twice 

The country of Thailand has of recent carried out two remarkable moves in regulating cryptocurrencies and the industry at large. As Nikkei Asian Review reported on May 30, Apisak Tantivorawong, the Finance Minister communicated a new tax framework for all cryptocurrencies in the country. Thailand Securities and Exchange Commission (Thai SEC) also made a second move and noted that new Initial Coin Offerings regulations are expected to come into force on Monday, July 16. 

The governor has been making many significant attempts to implement improved blockchain-based technologies, recently in June, Dr. Veerathai said that they are looking at issuing out Central Bank Digital Currency (CBDC) to enhance interbank settlements.