Central Bank of Thailand Considers Using Digital Baht in DeFi

The Central Bank of Thailand is looking into smart contracts and decentralized finance (DeFi) implementations for the digital baht.

Vijak Sethaput, senior developer for a central bank digital currency project called Inthanon of the Central Bank of Thailand (BoT), discussed the country’s CBDC progress in an interview published organized by a global think tank on central banking, the Forum of Official Monetary and Financial Institutions, on August 13.

Sethaput said that the central bank is monitoring recent developments in the DeFi industry, however, before attempting to apply the new technology to Thailand’s national cryptocurrency, the central bank must address two issues. around DeFi – it’s customer identity and privacy.