Bank of Thailand introduces blockchain for cross-border payments and user identification

Bank of Thailand introduces blockchain for cross-border payments and user identification

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Chairman of the Bank of Thailand (BoT) Veerathai Santiprabhob on July 12 at the business summit of Bloomberg ASEAN said that the bank plans to use blockchain technology for various business processes.

The head of the Bank of Thailand noted that the bank is especially interested in using blockchain to verify the authenticity of documents, financing the supply chain and international payments.

Veerathai Santiprabhob believes that the use of blockchain technologies for international transactions will speed up the processes and improve the communication between the financial regions.

Also, the chairman of the bank noted the significant role of innovative technology for maintaining confidential financial information and protection from fraud:

“INTRODUCTION OF MODERN BIOMETRIC AND BLOCKCHAIN TECHNOLOGIES WILL HELP TO GUARANTEE THE PRESERVATION OF FINANCIAL INFORMATION AND REDUCE THE VOLUME OF  THE  FISCAL OPERATIONS”

The representative of the bank hinted that the organization is currently working on improving regulatory measures, in order to reduce costs in the provision of financial services.

The Royal Decree on the regulation of operations with digital assets came into force in May. Earlier, in April, Thailand introduced double taxation of trade operations with the cryptocurrency, however, according to the local edition of the Nikkei Asian Review, the Minister of Finance introduced a new tax scheme at the end of May. It is also expected that the Thai regulator will update the ICO regulation on July 16th.

The attitude of the Bank of Thailand to the cryptocurrency industry has changed since the beginning of the year. In February, the Central Bank of Thailand ordered the country’s banks to suspend work with cryptocurrencies, and in June the bank’s chairman already announced the launch of its own digital currency of the central bank.

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