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Bank of Thailand to develop wholesale digital currency

The Bank of Thailand announced plans to develop a wholesale version of Central Bank Digital Currency (CBDC) using R3’s Corda platform. CBDC is a digital currency issued by the central bank and the proposed ‘wholesale’ variant limits its use to financial institutions and markets, as opposed to the retail CBDC for the general public. The bank said it is partnering with 8 financial institutions on the CBDC project – including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank and HSBC. The participating banks will jointly design and develop the proof-of-concept wholesale CBDC prototype, the first phase of which is expected to be completed by the first quarter of 2019.

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