Bank of Thailand will issue its own cryptocurrency using the R3 blockchain

[Buenoscoin]

The Central Bank of Thailand (BOT) will issue its own digital currency in conjunction with several local financial institutions. Recognizing the great impact that technological changes have on global financial services, this entity announced that it works in collaboration with the largest banks in the country in a project that offers a digital solution for the Thai financial sector.

Following the implementation of the nation's first cryptocurrency regulation, the Bank of Thailand initiated the Inthanon Project with R3 as a technology partner, in addition to 8 financial institutions.

As mentioned in the press release, these institutions at Bank of Ayudhya Public Company Limited, Bangkok Bank Public Company Limited, Siam Commercial Bank Public Company Limited, Standard Chartered Bank (Thai) Public Company Limited, Kasikornbank Public Company Limited, Thanachart Bank Public Company Limited, Krung Thai Bank Public Company Limited and The Hongkong and Shanghai Banking Corporation Limited

According to the Bangkok Post, in addition to this project, the Bank of Thailand is also developing a blockchain proof of concept for "sales of government savings bonds to increase operational efficiency".

In June of this year, the president of this institution revealed the concept, said he sought to explore the potential of technology to chain to facilitate international and inter-bank transactions.

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[Alcor]

This seems to be the regional centralized crypto currency of the above-mentioned banking and other financial institutions as a ripple coin. Is not it better to use ripple directly and create a single system for financial settlements with other world banks and financial corporations that already use ripple. Or they do not trust this coin?