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Bank of Thailand Plans Using Blockchain for Cross-Border Payments

Bank of Thailand Plans Using Blockchain for Cross-Border Payments

The Governor of Bank of Thailand believes using Blockchain for cross-border payments would “improve regional financial connectivity and facilitate smoother cross-border financial services.”

16 July, AtoZ Markets – The Governor of Bank of Thailand has spoken about using Blockchain technology for various operations within the bank’s ecosystem. During his speech, Dr. Veerathai Santiprabhob has stated that the bank is considering using the nascent technology for cross-border payments, supply chain financing, and document authentication.

Bank of Thailand Plans Using Blockchain for Cross-Border Payments

As per Dr. Santiprabhob, the use of Blockchain for cross-border payments would significantly “improve regional financial connectivity and facilitate smoother cross-border financial services.” He has also stated that Blockchain has a very important role in reducing fraud and securing financial information:

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

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During his speech, he has also touched some points regarding the current development of the regulations:    

“The Bank of Thailand is also undergoing regulatory reform to review outdated rules and regulations, to facilitate ease of doing business and ensure that our regulations do not impede competition and innovation and contribute to high costs of financial services.”   

Thailand ICO Regulations Take Effect Today

This prospective Asian nation has recently made two noteworthy steps in regards to the regulation of cryptocurrencies. Not so long time ago, the Finance Minister of Thailand has revealed a new tax regulatory framework for cryptocurrencies.

Another notable event is the introduction of the Initial Coin Offering (ICO) regulations, which are set to get into effect today, on the 16th of July. 

The new guidelines will make Thailand one of the first countries to allow ICOs in the regulated environment. The regulator has also stated that under the new framework, any firm that looks into carrying out an ICO should first file an application for approval with the regulator. 

However, the SEC will not directly screen the applications from individual ICO projects. Rather, it will first assess the filings submitted by so-called “ICO portals.” These portals are online marketplaces that allow ICO organizers to operate their token sales. The SEC has stated that those approved ICO portals will be conducting screening of the projects. Afterward, the applications of the selected project will be considered. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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