Today Ethereum development firm ConsenSys announced it would be developing a proof of concept with the Bank of Thailand for a retail central bank digital currency (CBDC) or digital Baht. The work will be alongside the Siam Cement Group and its subsidiary Digital Ventures (DV).
DV is known for its successful procure to pay blockchain solution, B2P, which was developed with Accenture and has 6,400 suppliers onboarded. The CBDC solution will be tested for on-chain settlement on the B2P platform.
Until now, Thailand’s CBDC initiative known as Project Inthanon has used R3’s Corda technology and partnered with Hong Kong’s cryptoBLK. So this is a new avenue of exploration. Other central banks, such as the Monetary Authority of Singapore (MAS), have deliberately trialed multiple technologies. But to be clear, the current phase will only use enterprise Ethereum.
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