An Indian tech major is helping Thai banks use digital currency while the RBI hangs back
- Bengaluru-based Wipro has developed a blockchain-based solution for banks in Thailand.
- Wipro had partnered with R3, an international consortium working on
- This will allow Thailand's banks to settle dues with each other through de-centralised digital currency.
- The solution was developed for Thailand's central bank and a consortium of 8 commercial banks.
AdvertisementAn Indian technology major, Wipro, is now helping eight banks in Thailand to settle dues with each other through de-centralised digital currency.
"Developed as part of the first phase of Project lnthanon, 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," Wipro's statement on May 7 said.
Project lnthanon is an initiative led by the
In April 2018, the Reserve Bank of India revealed its plan to issue a digital currency, CBDC, while forcing a bunch of cryptocurrency exchanges operating in the country to shut shop. However, the plan was shelved after three-month long feasibility study; the findings have not been made public.
CBDC is digital money equivalent to – and redeemable for – a country's domestic currency that a central bank can issue. It can choose to simultaneously remove an equivalent amount of physical currency from the system.
There are at least 40 countries, including Singapore, UK, France, Sweden, and Cambodia, where the central banks are working on blockchain technology with various goals, not just digital currencies, according to a recent report from the World Economic Forum. "Blockchain technology could enable new capabilities for central bank processes that have not yet been identified," the report had said.
What is Blockchain?
Microsoft is partnering with JPMorgan Chase on its blockchain product
Popular on BI
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- Here’s a list of stocks that can benefit from the festive season
- New Airtel and Reliance Jio prepaid plans compared
- Mobile accessories company Balaji Solutions files initial papers for public listing
- Ratan Tata launches Goodfellows which helps senior citizens make friends
- Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO
- Ather 450X Gen 3 vs Ola S1 vs TVS iQube S – price, specs and features compared