The central bank of Thailand in cooperation with a group of financial institutions and banks will soon release a digital currency, which will be used in wholesale interbank operations. The platform the digital currency is built on is R3's Corda.

The Bank of Thailand (BoT) published a preliminary roadmap for the digital currency project called Inthanon. The coin will work on the Proof-of-Concept algorithm and will be deployed on the Corda distributed platform, created by the R3 consortium to develop corporate blockchain solutions.

The launch is scheduled for March 2019, after all main functions of payment transaction, including risk management and liquidity provision, are tested.

The decentralized digital currency backed by the national central bank is expected to increase the technological level of the financial sector in Thailand and strengthen the efficiency of financial institutions.

The coin will be tested in interbank transactions.

The project also involves eight financial institutions, including Standard Chartered Bank and HSBC.

The project Inthanon was announced by Governor of the Central Bank of Thailand in June 2018 during a financial summit in Singapore.