Bank of Thailand Governor Heralds Blockchain's Coming Impact

Pinterest

The Bank of Thailand is opening up about the potential for blockchain disruption.

In remarks last week, Dr Veerathai Santiprabhob, the deputy chairman of the central bank’s 14-member board, commented on the changing role of global finance, calling emerging technological innovations both an “opportunity” and a “challenge” while noting that he believes the nation’s domestic financial institutions largely need to embrace change.

Speaking broadly about the impact of new technologies from smartphones to big data, Dr Santiprabhob discussed how blockchains and distributed ledger technologies could come to replace central institutions.

Elsewhere, he explained how blockchains and distributed ledgers are able to distribute transactions broadly, making members of any network aware of changes and consequences.

While short, the remarks are notable given the lack of public dialogue from the central bank on matters relating to cryptocurrencies and blockchain. In the past, the central bank has gone so far as to warn about the potential dangers of the technology, though businesses have often been left seeking clarity.

However, the new statements indicate change could be on the way as Thailand’s financial institutions begin experimenting with the technology, a move that could perhaps both open up and ease the sometimes tense national conversation domestically.

Image via YouTube

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Bitcoin and Ethereum fall amid profit taking Bitcoin and Ethereum fall amid profit taking
Bitcoin, Ether Lead Digital Currency Slide From Highs Bitcoin, Ether Lead Digital Currency Slide From Highs
Bitcoin Price Analysis: Bear Run Shows No Decrease in Momentum Bitcoin Price Analysis: Bear Run Shows No Decrease in Momentum
What Is Bitcoin's Elusive Intrinsic Value? What Is Bitcoin's Elusive Intrinsic Value?
European Banks Select IBM Blockchain for Small Business Trade Finance European Banks Select IBM Blockchain for Small Business Trade Finance
Blockchain Research Lab to Combat Financial Fraud in Shenzhen Blockchain Research Lab to Combat Financial Fraud in Shenzhen
Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 Billion Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 Billion
Barclays Discusses Bitcoin-Like Cryptocurrencies with UK’s Financial Regulator Barclays Discusses Bitcoin-Like Cryptocurrencies with UK’s Financial Regulator
© 2017 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.
Email
Print