Bahamas and Thailand are on the leading edge of CBDC development, offering an important glimpse in the race to issue government-backed cryptocurrencies. It has been reported that in its 2021 “CBDC global index,” consulting firm PwC surveyed the level of central-bank maturity in deploying cryptocurrencies based on two factors: retail applications and interbank applications. However, retail applications refer to CBDCs that can be held and transacted directly by individuals and

Thailand’s Kasikornbank (KBank) has begun experimenting with decentralized finance (DeFi) services as part of its business expansion plan. It has been reported by Bangkok Post that the bank’s DeFi exploration is being spearheaded by KBank’s tech subsidiary, Kasikorn Business Technology Group (KBTG). Ruangroj Poonpol, the chairman of KBTG, said: “DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second phase of the com

Report said that Thailand’s tourism authority is targeting cryptocurrency holders from Japan. It has been reported that the Tourism Authority of Thailand (TAT) wants to establish the country as the first to go out of its way to welcome cryptocurrency holders, specifically those from Japan which it views as a regional hub of crypto activity. However, the authority has conducted a feasibility study on implementing cryptocurrency payments at tourism destinations. The report said

Siam Commercial Bank (SCB), the oldest bank in Thailand, has announced a new $50 million fund to invest in global blockchain, decentralized finance (DeFi), and digital asset startups in their early and growth stages. It has been reported that the fund is just the latest of Siam Commercial Bank’s forays into the blockchain and fintech space. The institution has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-

Thailand‘s tax collection agency will use blockchain technology to streamline tax payments next year. It has been reported that the Excise Department will use blockchain to improve its revenue collection in lieu of actually raising taxes as the Thai economy still makes a gradual recovery. However, director-general Lavaron Sangsnit underscored that new policies should not affect the domestic economic recovery and that raising taxes could stunt the still fragile situation. The

ConsenSys, the decentralized application development company, will develop a proof-of-concept for cross-border payments project between Thailand and Hong Kong. It has been reported that the company will lead the second implementation phase of Project Ithanon-Lionrock, as the project is a joint initiative to create a cross-border central bank digital currency (CBDC) payment network between banks in the two countries. However, initiated in May 2019 by the Hong Kong Monetary Aut

Thailand-based fintech company SYNQA has raised $80 million in a Series C funding round for new cashless payment ventures. In a June 22 announcement, SYNQA stated it had raised $80 million in a Series C funding round led by Siam Commercial Bank subsidiary SCB 10X and the Asia-based venture capital group SPARX. Have you heard the news? After a lot of work, we closed our Series C and raised $80M! We're excited to deepen our footprint in the cashless societies in Asia by buildin

The Bank of Thailand has announced the plans to develop a prototype pilot project to test the real-life business use cases of its Central Bank Digital Currency (CBDC). The bank said in its official statement that before it launches the CBDC payment system for all businesses, it plans to pilot test it with large-scale enterprises. It has partnered with to pilot test their payment prototype system: Thailand’s Siam Cement Group (SCG) Thailand-based fintech firm Digital Ventures

Power Ledger, the Australian-based blockchain firm, has announced a partnership with Thai Digital Energy Development (TDED) to create a blockchain-based digital energy platform in the country. On May 25, it has been reported that the platform will enable environmental commodity and peer-to-peer (P2P) energy trading, in order to accelerate the adoption of renewable energy sources, as Thailand aims to generate 25% of its electricity from renewables by the year 2037. However, Po

European digital money transfer service Azimo partners with Thailand’s Siam Commercial Bank, one of the leading banks in Thailand. The partnership is bounded by Ripple’s global payments network, RippleNet providing cross-border services from Europe to Asia. On April 9, Ripple made the announcement, digital payments plays an important role especially in the developing economies where remittances between Europe and Asia currently takes often upto a day to settle. RippleNet, kno

Thailand’s securities regulator grants license to Asia-pacific crypto-fiat trading platform Zipmex. On Jan. 20 a press release was shared by the Thai Securities and Exchange Commission (SEC) that approved the license for Zipmex while placing a strict regulatory requirement on applicants. In order to secure the license, one needs to have at least 50 million baht ($1.65 million) while having a high standard in their IT and cybersecurity systems. Under Thai law, licensed digital

A human rights lawyer representing victims of an alleged cryptocurrency pyramid scheme in Thailand is taking their case to the country’s Department of Special Investigation (DSI). Thai Officials to Investigate Alleged #Cryptocurrency Pyramid Schemehttps://t.co/uqmA9oQ8cAhttps://t.co/TSWeqS6lJy — CN 🚀📫💡 (@_cryptoNole) January 16, 2020 On January 16, it has been reported by the Bangkok Post that roughly 20 victims, whose losses are alleged to total 75 million baht (~$2.5 mi

Thailand’s Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile app powered by blockchain to deliver instant, low-cost cross-border payments. On Jan. 8 a blog post was published from Ripple stating that the app known as SCB Easy was demoed in December during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its ability to send cross-border payments in seconds. SCB’s senior vice president of commercial banking, Arthit Sriumporn, announc

Thailand based blockchain startup Lightnet has raised $31.2 million to boost cross-border payments in Southeast Asian countries. On Jan. 10 Business Insider Malaysia reported that the firm completed a Series A funding round led by major financial conglomerates in the region: Singaporean United Overseas Bank (UOB) South Korea’s Hanwha Investment & Securities Plans To Replace Payment Systems Like SWIFT The report notes that Lightnet plans to replace established payment systems

Thailand will soon apply blockchain to its Electronic Visa On Arrival (eVOA). Thailand, one of the most visited countries in the world intends to use a blockchain-powered eVOA system to speed up and protect the digital visa application process. On Dec. 19 a press release was shared stating that the upcoming eVOA feature is a joint effort of Australian travel company ShareRing and Gateway Services, an entity that owns the license to process eVOA for Thailand. The announcement

Thai immigration officials have arrested 24 Chinese nationals who were running an alleged cryptocurrency scam call center in Bangkok. On Dec. 2 an official announcement cited that the Immigration Bureau of the Royal Thai Police arrested: 24 individuals, seized 61 laptops, 424 mobile phones and several routers. The alleged scammers would lure Chinese investors to buy Bitcoin (BTC), in misleading rates in order to make a profit. More Uncovering Of Telecom Scams By Thai Police E

Thailand’s regulators are planning to reform cryptocurrency laws after admitting that the current crypto law is making the country uncompetitive. On Nov. 25, the Bangkok Post reported that Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020. “SEC Must Be Flexible With The Market Environment” Poor licensing process and uptake of its certification is making the crypto business go haywire. Since last year, only five co

Thailand’s excise department is looking to initiate a new way of refunding overpaid taxes to oil exporters by using blockchain technology. On Nov. 25, the Bangkok Post reported that Thailand’s director-general, Patchara Anuntasilpa says that the excise department in Thailand will change its current tax refund practice by introducing a blockchain-based tax payback system. The report notes that it hopes to implement the new system by the middle of 2020. Blockchain Will Make It

Thailand has completed a blockchain trial for its national trade platform, conducted by the Joint Standing Committee of Commerce, Industry and Banking (JSCCIB) in collaboration with NTT Data, a Japanese tech firm. It has been analyzed that the B2B platform is part of Thailand’s National Digital Trade Platform project headed by the JSCCIB. The blockchain platform will be linked with other trade platforms in ASEAN to share digitized trade documents in the region. Thailand trial

Thailand has developed a permissive regulatory apparatus for digital currencies and cryptocurrencies fundraising methods. Seamico Securities, a Thai financial Securities firm recently made an announcement that it has received approval from countries Securities and Investments Commission (SEC) to operate SE Digital, a regulated coin offering portal. In doing so, SE Digital obtained permission to launch the first legitimate ICO in Thailand, with the company announcing that it h