Thailand Central Bank Launches Government Savings Bond Powered Through IBM Blockchain
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The world's first blockchain-based Government saving bonds issuance platform has just been launched by the Thailand central bank. The interesting part about this new project is that it is entirely powered through Blockchain technology from IBM.
$1.6 billion worth of savings bonds were sold within just two weeks since the launch of the new project according to the official announcement by IBM on The 5th of October.
The exciting part of this story is that through the use of blockchain technology, the bond issuance time has been reduced from 15 days to just two days with this increased efficiency also reducing the operational cost of the whole process.
The central bank of Thailand and IBM have teamed up with numerous other financial institutions across the country including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association and 4 other banks.
It looks like the Thailand bank institution may soon be getting ready to extend the use of blockchain across other sectors issued by the government for retail and wholesale investors.
This is just the next step in the involvement that Thailand has in blockchain technology and the crypto space. Earlier this year in June, the bank released a pilot test for its central-bank digital currency (CBDC) which would be tested with large-scale conglomerate enterprises.