The central bank of Thailand has launched a blockchain-based platform for government-issued savings bonds. The platform has already issued bonds worth $1.6 billion.
According to the Central Bank of Thailand in a press release, the DLT Scripless Bond Project platform will help create a safer and more efficient method for issuing government bonds, as well as reduce associated operating expenses.
Bangkok is moving the government bond market to blockchain following an earlier announcement from the country’s Ministry of Finance. Then it was reported about plans to sell government savings bonds with a low face value in the amount of $6.42 million using the digital wallet of Krung Thai Bank.
“In the next stage, the infrastructure will be extended to support various government bonds,” the ministry said in a statement.
The Thai government also announced that the proceeds from the sale of $1.6 billion in savings bonds will go to fund the government’s deficit.
The DLT Scripless Bond Project is a collaborative project of eight institutions, including the Bank of Thailand, Government Debt Management Division, TSD, Siam Commercial Bank, and Bangkok Bank, Kasikorn Bank, Krungthai Bank, and Thai Bond Market Association.
This summer it became known that the Central Bank of Thailand is developing a payment system using the state cryptocurrency, and a month later, the Central Bank moved to a new phase of testing its own digital currency.
In addition, last month the Thai Courts Authority announced the development of a blockchain-based platform for storing court documents. The system will be launched in 2021.
