The BoT has been considering introducing blockchain as a way of utilizing many potential uses and applications

Speaking at the Bloomberg Summit earlier this week, Thailand’s national bank listened to a speech by its governor announcing an ongoing debate on the possibility of utilizing blockchain for many services, including financial ones.

Various Applications

As he spoke, the governor explained that the bank was wholly focused on blockchain technology and taking its entire concept into consideration as a means of addressing providing financial services more efficiently. Among the various issues being addressed is international payment, or cross-border payment, authentication, and identification as well as supply chain funding.

Dr. Santiprabhob, the acting governor for the central bank, explained that blockchain will boost financial networking within the country and oversee more efficient and faster cross-border financial services. He also added that blockchain will be vital in cutting down illegal crypto-crimes like scams, fraud and will add new levels of protecting sensitive data.

He explains that introducing blockchain will not just reduce the number of crimes committed, but will also lessen their effect on the industry and community.

Regulation Development

As his speech continued, the governor tackled other topics including the central bank’s continuous development of financial regulations within the country to provide a consistent boost in momentum regarding the technology’s development.

As new regulations and laws are constantly upgraded to replace older and unviable ones, the company explained that its efforts are meant to provide regulations which encourage blockchain technology as opposed to hindering them and enforcing restrictive rules. In March, Thailand’s financial Minister announced a new framework designed to handle taxes regarding cryptocurrencies, further improving on previous regulations.

Another significant announcement was made by the country’s SEC, saying the initial coin offerings will see new regulations implemented on the 16th of July.

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