August 11, 2021
Thailand Is Researching On Digital Baht
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Thailand Is Researching On Digital Baht

As Wallebi reported previously, many central banks are trying to launch their own CBDC. The aim is to bring their own digital currency to the cryptocurrency world. Some countries like China reached a point and are almost ready to announce their own tokenized currency. Other countries are also joining the group and doing their own research in order to find the obstacles. In the latest new, Thailand is researching on the digital Baht. In fact they are looking for DeFi use cases to launch digital Baht.

DeFi is a new tool, which is designed to make crypto entrepreneurs be able to redesign and recreate tradition financial instruments in a decentralized architecture. In fact, DeFi would not be in the control of governments and companies. The DeFi industry is on the demand and broke the records in 2020. The companies around the world investing huge amount of money into the crypto sector.

Thailand is researching on digital Baht; DeFi Use Cases

Thailand’s central bank is assessing smart contracts and DeFi in order to use them for its national digital currency. In fact, they are considering the chance to bring centralized and decentralized both together.

Recently, the senior developer of the project, Vijak Sethaput, had an interview with the Official Monetary and Financial Institutions Forum. It’s notable that previously Sethaput joined by CEO of Cypherium, Sky Guo. The Cypherium is a New York-based blockchain enterprise, which focused on global CBDC executions and compatibility.

In this Interview Sethaput said that central bank is doing research in order to launch its own CBDC. The central bank is tracking the development of DeFi industry consistently. He mentioned that central bank needs to fix two main issues before launch digital Baht. The two main issues are about customer’s privacy and identification.

Sky Guo also attended to this interview. He mentioned that global authorities are able to borrow the DeFi model in order to qualify parties to issue digital assets. These digital assets are mostly pegged by real world assets such as stocks or real estate. So, authorities can use them as guarantee in order to secure loans in CBDCs. As a result, it will bring more liquidity to the economy.

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