Central Bank of Thailand issues $ 1.6 billion in government bonds on the blockchain
CONTENT

  • Central Bank of Thailand plans to transfer all government bonds to blockchain

  • The country came out on top in terms of the number of mobile banking users

  • Russia also sees potential from distributed ledger technology

Central Bank of Thailand issues $ 1.6 billion in government bonds on the blockchain

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Thailand’s main bank sells $ 1.6 billion in government blockchain bonds in just a week

Central Bank of Thailand issues $ 1.6 billion in government bonds on the blockchain

The central bank of Thailand, in collaboration with IBM, reported on the successful placement of $ 1.6 billion in government savings bonds on the blockchain, one of the largest IT service providers IBM said in an official press release.

The central bank of Thailand blockchain platform built on IBM Cloud cuts the bond issuance process from two weeks to two days. Blockchain also reduces operational complexity and overall bond issuance cost, IBM says.

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Patama Chantaruk, vice president of Indonesian development at IBM, says the success of the central bank of Thailand with blockchain demonstrates the simplification of complex processes using distributed ledger technology. The country’s central bank reportedly now intends to extend the blockchain to all other government bonds, including those targeted at retail and wholesale investors..

Banks are moving to blockchain

This is not the first time that bonds have been sold based on blockchain technology. At the end of August 2019, the World Bank announced the sale of $ 34 million in bonds using the blockchain.

Thailand has been experimenting with fintech / blockchain markets for a long time.

Thailand’s Partnership with the World Bank, 70 Years On

At the end of March, the editorial staff of BeInCrypto reported that Ripple and the Siam Commercial Bank signed an agreement to create an effective electronic payment system in Thailand..

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According to the Global Digital Report 2019, Thailand ranks first in the number of mobile banking users, second in the number of cryptocurrency holders and third in mobile commerce in the world. The potential of the blockchain is also recognized in the domestic market. At the end of September, Deputy Prime Minister of the Russian Federation Andrei Belousov included the technology of decentralized finance in the priorities for the development of state policy for the coming years.

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