Thailand Launches Blockchain Letters of Guarantee Network for 22 banks
The e-LG on blockchain is expected to go live in June under the BOT’s regulatory sandbox, before introducing additional beneficiaries in the third quarter of 2019 and providing other blockchain-based services in the future.
Over 150 billion baht in venture capital has been invested in the blockchain business worldwide last year, signifying the increased role of blockchain technology.
Blockchain Community Initiative Co. issued the world’s first electronic letters of guarantee in the third quarter last year and plans to increase the number of electronic letters of guarantee by 50% in three years.
Bank of Thailand Governor Virathai Santipraphop said today the blockchain system uses high technology to efficiently develop businesses as well as the financial sector.
Last year, about 150 billion baht in venture capital was invested worldwide, thus prompting the financial sector to focus on it.
Blockchain Community Initiative Thailand, provides electronic letters of guarantee for 22 financial institutions.
The Bank of Thailand has used blockchain in developing its trading system for government bonds which can be run promptly and save on operating costs. It can run interbank payments while BCI Co. can issue electronic letters of guarantee, thus replacing over the counter business and curtailing repetitions and errors in doing business.
Please read the continuation of “Thailand Launches Blockchain Letters of guarantee network for 22 banks” on the Thailand Business News website.