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Thai central bank to use blockchain for bond issuances

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Thai central bank to use blockchain for bond issuances

The Bank of Thailand plans to use blockchain technology for bond issuance and is studying rolling out a wholesale central bank digital currency as it looks to financial technology to improve productivity, the Bangkok Post reported March 20.

Using blockchain technology for issuing bonds will lower operating costs and bolster security, said Veerathai Santiprabhob, governor of the Bank of Thailand, during the Bangkok Fintech Fair on March 19. Further, issuing bonds through blockchain will shorten the time for bond underwriting to a few days from the current 15 days, the governor said.

The central bank has a proof of concept to use blockchain for a wholesale central bank digital currency project. The project, called Inthanon, aims to improve the central bank's management of interbank baht settlements. The project could increase efficiency and cut down on interbank settlement costs, particularly if all central banks with digital currency services can link those services.