Hong Kong Monetary Authority and Bank of Thailand Report on a joint Central Bank Digital Currency research project
The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand published a Report on a joint Central Bank Digital Currency (CBDC) research project, Project Inthanon-LionRock, on 22 January 2020. The project studied the use of central bank digital currency in cross-border payments and developed a Thai baht-Hong Kong dollar cross-border corridor network prototype to allow participating banks in Hong Kong and Thailand to transfer funds and conduct foreign exchange transactions on a peer-to-peer basis, which assists in reducing settlement layers. The successful completion of the study has confirmed the technical feasibility of implementing practical solutions to address key pain points in cross-border payments. Read More…