Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news

Breaking-Finance.Com - A Bank of Thailand project to explore the use of a central bank backed digital currency and distributed ledger technology in B2B invoice payments found commercial benefits to users but limitation in supporting large transactions volumes and preserving privacy.

Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news

Breaking-Finance.Com - A Bank of Thailand project to explore the use of a central bank backed digital currency and distributed ledger technology in B2B invoice payments found commercial benefits to users but limitation in supporting large transactions volumes and preserving privacy.

Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news
12 March 2021 - 11:45

Breaking-Finance.Com - A Bank of Thailand project to explore the use of a central bank backed digital currency and distributed ledger technology in B2B invoice payments found commercial benefits to users but limitation in supporting large transactions volumes and preserving privacy. A collaborative effort between the central bank, Siam Cement Group and Siam Commercial Bank subsidiary Digital Ventures, the proof-of-concept marked the first expansion of the bank's ongoing digital currency trials to the business sector.The CBDC system prototype, developed in conjunction with ConsenSys, utilised distributed ledger technology (DLT) in integrating with the procurement management, billing, and payments systems between SCG and its suppliers.The test results demonstrate that DLT can increase payment efficiency for businesses by allowing users to set various conditions on the CBDC to enhance flexibility in handling business activities, says the central bank. "Our experiments include setting conditions for payments to be made as specified in invoices in supply chain financing and setting conditions to enhance efficiency in cash management," the BoT states.

. Resolving these issues through technology development or system design will need to be explored further."The next stage of the Bank's CBDC investigation will focus on the research and development of a digital currency in the consumer retail sector. "The design of CBDC for widespread usage will need to take into consideration safety and efficiency as well as implications on monetary policy, financial system stability, and the roles of financial institutions and the central bank," states the Bank. "It is also important to involve the general public in our CBDC development process, to ensure that CBDC is conducive to financial innovation in this era of digital transformation."

Source = Breaking-Finance.Com

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Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news


Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news


Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news


Finance Breaking news Thai central bank points to DLT constraints in CBDC trials last financial news

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