Cryptocurrency-Centric Companies in India are Helping Banks with Blockchain in Thailand

Wipro, which is a multinational Indian Tech company, has gone ahead to develop a solution that can be used by banks within Thailand, the solution has been based on the blockchain technology.

All this comes at a time when the banking sectors together with the government are looking on ways to enact the blanket ban that is on all the crypto coins that are state issued.

A settlement solution has been put in place

The first phase of the project is the settlement solution which has been referred to as the Inthanon; this was launched back in August 2018. The Bank of Thailand has led this initiative, and from here they are aiming at implementing the CBDC, which is the Central Bank Digital Currency.

The initial phase of this mainly focused on the rolling out of the interbank payments infrastructure.

Wipro went ahead to partner with the Bank of Thailand together with the other eight commercial banks, a platform that has been part of the R3 consortium. Wipro went ahead to give a statement on the issue on May 7th.

‘’the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.’’

But there is still a downside to this partnership

The Indian authorities are creating a hostile working environment; this is because the Reserve Bank of India, the RBI, got spooked and this is where they started wielding the ban hammer. Most parts of 2018 was spent by the government fighting against the RBI while having the supreme court acting as the mediator.

But this didn’t stop here, earlier this year the Commercial Banks in India went ahead to threaten that they would close the accounts for the customers who had any dealings with the crypto space.

However, there might be some light at the end of the tunnel as the government seems to fall in line with the RBI due to the fear that the crypto coins might just destabilize the Indian rupee.