Thailand to use blockchian for international payments

The opening of governments and banking institutions towards cryptocurrencies and decentralized technologies has boosted economic growth. In this regard, the Bank of Thailand is studying the application of blockchain in its international payment system.

The authorities of the main bank in the country are also considering to implement the blockchain for the financing processes of the supply chain as well as the authentication of documents.

Security, transparency and trust are the main characteristics of this technology and it attracts more and more entities to incorporate them in their internal structures, as well as to the study of innovative projects that provide the public and companies involved with an efficient service.

The safeguarding of customers’ financial data through biometrics is another aspect analyzed by the regulatory authorities of Thailand in this process of adaptation to the new economy.

The country currently has a strong regulatory framework for digital currencies, which also establishes the payment of taxes for transactions carried out in said assets, as well as for the development of ICOs.

M.Pino

Source: Coincrispy

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