Indian tech multinational, Wipro, has developed a blockchain-based solution for banks in Thailand to settle dues. This comes as Indian government and banking authorities look to enact a blanket ban on all non-state-issued cryptocurrencies back home.
Thai Banking System Embraces Blockchain Technology
The settlement solution is a part of the first phase of Project Inthanon, which launched in August 2018. The initiative, led by Bank of Thailand, aims to ultimately implement a national Central Bank Digital Currency (CBDC). Phase one focused on rolling out the interbank payments infrastructure.
Wipro, a member of the R3 consortium, partnered on the project with Bank of Thailand and 8 commercial Thai banks. According to a May 7 statement from Wipro:
the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.
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