The Central Bank of Thailand introduces its first regulated Bitcoin

August 25, 2018

The Thailand government has decided to give bitcoin its long-awaited regulation. As a result, the central bank gets the opportunity to start working towards its first digital currency by joining hands with the other large banks of Thailand. As this currency will be at an introductory stage, it will only be used in essential markets where banks interchange different currencies. By the first quarter of the succeeding year, this interbank transfer stage will establish fully.

The Announcement

On 21st August 2018, the Central Bank of Thailand made an official proclamation about its first national bitcoin project by the name of Inthanon. Thailand’s eight substantial profitmaking banks are the members of this project. They include:

Bangkok Bank,

Krung Thai Bank,

Bank of Ayudhya,

Kasikorn Bank,

Siam Commercial Bank,

Thanachart Bank,

Standard Chartered Bank (Thailand) and Hong Kong and Shanghai Banking Corporation ( HSBC ).

The prototype

As this project is at a very early stage, the members will first mutually outline the sample money transfer and try to cultivate it among institutions by offering them central bank digital currency at a wholesale.

The BOT explains that at the first stage of the project the members will

Plan on the design of money transfer

Test it among the financial organizations

The first stage of Inthanon will reach its completion at the end of April 2019

The central bank of Thailand has claimed that their project is not a newly though out. Instead, other central banks such as Bank of Canada and Monetary authority of Hong Kong and Singapore have also come up with similar projects regarding their respective digital currency, bitcoin.

SEC authorizes bitcoin trading

As the country has finally implemented regulation and monitoring in its crypto space, many of the bitcoin-related activities and transactions has gained momentum. The SEC has given valid permits to seven digital currencies in the country and is also deciding to approve other applications from companies who desire to trade through bitcoin.

Fifty ICO projects have shown their interests in getting registered with SEC to initiate bitcoin transactions. These projects include five ICO portals and twenty bitcoin interchanges.

In a nutshell, seven companies who wish to do transactions in bitcoin have gained legitimacy to operate in the country although their requests are still in process. Besides, the central bank has permitted the bank’s allies to commence their activities through digital currency.

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