Bank of Thailand (BOT) has launched Project Inthanon for the development and issuance of Central Bank Digital Currency (CBDC).

BOT also worked with R3 and eight banks on the launch.

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The partners will assess the implications and potential benefits of Distributed Ledger Technology (DLT). It will focus on whether the technology will improve the country’s financial market infrastructure efficiency.

Initially, the Inthanon project will see design and development of a proof-of-concept prototype for wholesale funds transfer using CBDC.

R3’s DLT platform, called Corda will build the prototype.

Design, development and testing of the prototype will take place during Phase I of the Inthanon digital currency project. The BOT and participating banks will also create and test payment functionalities, including liquidity saving mechanism and risk management.

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This phase is expected to finish by the first quarter of next year. After a project summary will be published.

The partners will utilise the Phase I findings to further develop the prototype’s capabilities for additional functions such as third party and cross-border funds transfer.

A statement from the BOT read: “The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure.

“This is in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore.”

Besides Inthanon digital currency project, the BOT has revealed plans for a DLT proof-of-concept. This will focus on scriptless government savings bond sale in order to enhance operational efficiency.