The Bank of Thailand (BOT) has launched the world’s first blockchain-based government savings bond issuance platform on IBM’s blockchain technology.
On October 5, it has been reported that within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds.
However, the use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant validation of documents involved in bond issuance.
According to the report, IBM along with the central bank collaborated with seven other institutions including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association, and four other banks.
The Bank of Thailand may soon extend the use of blockchain technology across all other government-issued bonds for retail and wholesale investors.
As per the report, the central bank has been actively involved in the blockchain and cryptocurrency space.
In June, the bank launched a pilot test for its central bank digital currency, the digital baht, to test it with large-scale enterprises. In the following month, the bank was also reported to be planning to use its digital currency to transact with the Hong Kong Monetary Authority.
Thus, the bank is also pursuing smart contracts and decentralized finance use-cases for its national digital currency.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.