Image Source
If it continues at this rate, more than a week will go by without a country and its central bank declaring its will to develop its own digital currency! Following the formation of an expert committee by the Bank of South Korea earlier this week, it is the turn of the Central Bank of Thailand to present its state cryptocurrency project.
A “digital baht” by the end of 2020?
In an official press release issued on June 18, the Bank of Thailand (BOT) announced plans to develop a digital central bank currency (MNBC) for businesses.
"The prototype [of MNBC] should serve as a financial innovation enabling greater payment efficiency for businesses, for example by increasing the flexibility of money transfers or by allowing faster and more flexible payments between providers. "
The BOT project will start in July 2020. The objective: to obtain a working prototype by the end of the year.
A logical follow-up to the Inthanon project
If the Central Bank of Thailand thinks it can move so quickly on the development of a prototype of MNBC - for comparison, South Korea plans its own by the end of 2021 - it is because it has already made good progress on the subject thanks to the Inthanon project.
This project brought together BOT and eight of the country's main financial institutions to study and develop the proof of concept of national funds transfers between banks using an MNBC.
Completed at the start of the year, this project has already enabled the development of a MNBC prototype for cross-border transfers, developed jointly with the Hong Kong Monetary Authority (HKMA).
China, South Korea, Japan, Cambodia and now Thailand… Asian countries seem to be at the forefront of the development of a digital central bank currency. Even if the European Central Bank and the American authorities have recently been motivated to accelerate their study of an MNBC, Asia is already a step ahead in the race.
CEX.IO allows for the buying of bitcoin and other cryptocurrencies for low fees via credit card, Debit card. Customers can also purchase for free (no fees) with bank transfers. The best thing about Cex is that it supports fiat currencies like USD and EUR which means you can withdraw your money and deposit it directly to your bank account without the need of a third party. In conclusion, Cex allows you to trade Cryptos, deposit funds from your bank account and also withdraw your funds to your bank account, it is an All-in-one exchange.
Please register through this link to support the blog: https://cex.io/r/0/up131023719/0/
