Thailand's central bank collaborates with Cypherium to explore use cases for digital Thai baht in DeFi
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Thailand's central bank collaborates with Cypherium to explore use cases for digital Thai baht in DeFi
Cypherium can provide interoperability between central bank digital currencies and different digital assets, bringing the multi-trillion-dollar liquidity of CBDCs into the DeFi market.
Navigating Web3 tides with focused insightsAccording to information from the official website of the Official Monetary and Financial Institutions Forum (OMFIF), Vijak Sethaput, senior developer of Thailand's central bank, Bank of Thailand (BOT)'s Project Inthanon, along with Cypherium CEO Sky Guo and OMFIF Commercial Director Chris Ostrowski, discussed the central bank's experiments with digital currencies, particularly the application of the digital Thai baht in DeFi.
Sethaput said the bank has been tracking recent developments in the DeFi industry. However, before applying new technologies to Thailand’s central bank digital currency, the central bank must address two key challenges in DeFi: customer identification and privacy.
In the interview, Sethaput stated that smart contract deployment will be a focus in the next phase of the Inthanon project.
He mentioned, "We have explored the capabilities of smart contracts and simulated the lifecycle of bonds, so that the bond itself can pay coupons and be exchanged between counterparties. We have a repurchase arrangement, allowing it to be sold, repurchased, or traded."
Sky Guo, CEO of Cypherium, a blockchain company focused on central bank digital currency solutions, believes jurisdictions worldwide could adopt DeFi models to allow authorized parties to issue digital assets backed by real-world assets such as real estate and equities, and use them as collateral to obtain central bank digital currency loans. Cypherium can provide interoperability between central bank digital currencies and various digital assets, bringing trillions in central bank digital currency liquidity into the DeFi market.
Previously, Bank of Thailand (BOT) announced its central bank digital currency (CBDC) project named Inthanon on August 21. The country's eight largest commercial banks participated in the project, including Bangkok Bank, Kasikornbank, Ayudhya Bank, Krung Thai Bank, Siam Commercial Bank, TMBThanachart Bank, Standard Chartered Bank (Thai) and HSBC Bank (Thai).
Cypherium is a highly scalable, permissionless hybrid blockchain platform based on proof-of-work and Byzantine fault-tolerant consensus, designed to meet the performance requirements of enterprise-level applications and provide technical solutions for central bank digital currency issuance. It is a member of the US Faster Payments Council under the Federal Reserve.
Currently, Cypherium's partners include IBM, Google Cloud, Amazon Web Services, OMFIF, IC3, and Randstad, the world's largest human resources company.
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