The Bank of Thailand (BoT) has revealed plans to develop a wholesale Central Bank Digital Currency (CBDC) that will use R3’s Corda platform, in a press release published August 21.
A CBDC is a digital currency issued by a central bank whose legal tender status depends on government regulation or law. The “wholesale” variant of CBDC limits its use to financial institutions and markets, as opposed to a “retail CBDC” for the general public. R3’s Corda, for its part, is a distributed ledger technology (DLT) platform that has been designed to work within the financial service sector and uses a permissioned system to restrict data access to the required participants only. According to the announcement, the BoT is partnering with eight financial institutions on the CBDC project – including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank and HSBC. In what BoT describes as a “collaborative milestone,” the participating banks will jointly design and
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