In an announcement on Tuesday, the Bank of Thailand outlined a preliminary roadmap for ‘Project Inthanon’, its central bank digital currency (CBDC) initiative.
The Bank of Thailand (BoT), the country’s central bank, is partnering 8 participating banks in a collaborative project that will use R3’s distributed ledger technology (DLT) platform Corda to build a proof-of-concept prototype that will enable domestic funds transfers within the country’s interbanking system with the issue of CBDC tokens. The collective endeavor to that end is being dubbed as ‘Project Inthanon’.
The decentralized money transfer initiative, powered by blockchain technology, is a means to ‘raise the Thai financial sector’s technological readiness’ for adopting new disruptive technologies in a concentrated effort to ‘enhance operational efficiencies’, the central bank said in its announcement.
Project Inthanon was first announced by BoT governor Veerathai Santiprabhob during a financial summit in Singapore earlier in June this year, heralding the project as a “new way of conducting interbank settlement” using CBDCs.
Project Inthanon will be led by the BOT and will see New York-based R3 as its technology partner with 8 – mostly domestic – participating banks. The CBDC project draws parallels to similar efforts undertaken by BOT’s counterparts in Canada, Hong Kong and Singapore, the Thai central bank added.
‘The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure,’ the BoT said, underlining the significance of the project.
Over a year ago, Singapore’s central bank completed Phase 1 of ‘Project Ubin’, its own blockchain effort that began with the intent to place “a tokenized form of the Singapore Dollar (SGD) on a distributed ledger platform.’ In June 2017, the Singaporean central bank revealed it had used a private Ethereum blockchain to successfully issue digital tokens of its national currency.
Phase 1 of Project Inthanon will see the BOT and the eight participating banks collaborate to design, develop and test a “proof-of-concept prototype for domestic wholesale funds transfer by using wholesale CBDC”, the central bank said. Core payment functionalities including risk management and means toward liquidity savings will also be tested during the phase, expected to be completed by March 2019.
The BOT confirmed it would subsequently publish a summary of the project, before outlining goals for the next phase of its central bank digital currency token.
The central 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.
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Forbes releases newsletter dedicated to crypto targeting potential investors
Forbes released new premium newsletter dedicated to cryptocurrency and blockchain.
Forbes doesn’t seem to get enough crypto. The media giant gets deeper with the nascent technology with their new service, Forbes CryptoAsset & Blockchain.
The new premium-subscription digital newsletter contains in-depth coverage of blockchain, as an effort to establish Forbes as a prominent voice in the field.
According to Media Post, investor and co-author of CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond, Jack Tatar has been appointed as the editor.
While the contributors will be Forbes’ stable journalists that will interview notable figures in crypto space, such as Ripple’s CTO David Schwartz, cofounder and CEO of Zcash, Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.
“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” said Matt Schifrin, VP and managing editor of Money & Markets at Forbes.
Despite its premium price, which is set at $595/year or $195/quarter, Forbes’ Senior VP of consumer marketing and business development, Nina La France claimed the early response as “solid”.
Speaking about future publishing plan, Schifrin reveals that Forbes will publish its first-ever Forbes Blockchain 50 list that covers most prominent firms in the crypto space in the coming months.
Is the list something worth waiting for? Stay with Chepicap to find out.
In the meantime, checkout Chepicap’s YouTube channel to find out about the current crypto market state.
Investment portal, TradingView launches premium crypto dashboard at 0.09BTC
TradingView, the investment portal just launched its very own Crypto Dashboard.
The platform known for its exhaustive and real-time information on everything related to trading and investment, TradingView just launched its crypto specific portal.
The crypto dashboard provides data from 25+ crypto exchanges, such as Binance, Bitfinex, Bithumb, BitMEX, BittrexCEX.io and Coinfloor.
The new platform aims to “equip” crypto traders with all things important to nail the trading activities, such as 25 technical indicators on a single chart, unlimited chart layouts and watchlists, 200 server-side alerts and the capability to connect 5 devices at the same time.
The “trading power” is offered in their premium plan that costs 0.09 Bitcoin/year, which the website says as a good deal as it means the lower the Bitcoin price, the higher the discount.
However, that also means that when the bull comes, it wouldn’t be that affordable to many people. Hopefully by then, TradingView would revise their pricing for the benefits of all parties.
The question is, when will the bull come? Check out Chepicap’s YouTube channel to get an idea about the current crypto market state.