The Thailand Central bank launched a blockchain-based government savings bond issuance platform through IBM blockchain technology.

In only 2 weeks, The bank managed to issue $1.6 billion worth of bonds as per IBM’s official statements.

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Blockchain technology manages to reduce the tedious procedure of bond issuance from 15 days to 2 days. It also manages to lower the operational cost and eliminates redundancy in document validation.

IBM collaborated with the Central bank and 7 other institutions including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association, and four other Banks.

The central bank of Thailand is planning to use blockchain for all other government bonds for wholesale and retail investors.

The bank is focussing actively on digital currency and blockchain. They also launched a pilot test for its digital currency.

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The finance ministry also announced the funds obtained from selling $1.6 billion worth of government bonds will be used in financing the government’s budgetary deficits.

The Thailand central bank is pursuing smart contracts and decentralized finance utilities for its national digital currency.