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The Bank of Thailand just announced it will complete the first phase of a proof-of-concept trial for a central bank digital currency by the beginning of next year.

The Thai central bank said on Tuesday that, partnering with eight financial institutions in the country in a bid to create a CBDC based on Corda. The goal of the effort is to use the digital currency to facilitate interbank transactions and to “enhance efficiency of the Thai financial market infrastructure,” according to the statement.

“Project Inthanon Phase 1 is expected to be completed by the first quarter of 2019 after which the BoT will publish a project summary accordingly,” the bank said.

“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.”

The BoT also said in the release that it is currently conducting another DLT proof-of-concept designed to boost the efficiency of government bond sales.

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