Wednesday, April 24, 2019

Thailand, Myanmar Central Bank Governors Approved An Ethereum-Based Remittance System

The Central Bank governors of Thailand and Myanmar both approved an Ethereum-based remittance system developed by Everex, a blockchain tech firm. This was made known through a press release on the 5th of April.

Everex Ethereum-Based Remittance System

The Ethereum-based Remittance system developed by Everex is created to serve the transfer of payments between Myanmar and Thailand. Everex reportedly presented the Remittance system along with its partners, state-owned Krungthai Bank of Thailand and Shwe Bank of Myanmar, at the Association of Southeast Asian Nations (ASEAN) central bank governors and finance ministers meeting, held on April 4.

According to the release, Veerathai Santiprabhob, the governor of Thailand’s Central Bank, while commenting on the project stated that “This project is an important step forward for the more than 3 million workers in Thailand who might have so far used not secured channels.”

Also, the governor of the central bank of Myanmar, U Kyaw Kyaw Maung, reportedly commented on the project that “Both countries share a common culture and traditions. Those bring countries and people together the same way as Krungthai and Shwe bank cross border remittance money transfer service. Transactions will be faster and more secure.”

Further, the press release explained that the firm received a letter of approval from the Bank of Thailand, the country’s apex financial institution, to launch the Remittance service as requested by the parties involved. Also, the Remittance service was described in the press release of Thailand’s central bank that also detailed the agenda for the ASEAN meeting, on 4th April.

The release also noted that the Krungthai Bank signed a Letter of Intent to introduce its cross-border money transfer service between Thailand and Myanmar on Match 28. The service is expected to serve over three million Myanmar migrant workers that reside and work in Thailand and also Thai migrant workers in Myanmar equally.

Central Bank’s Adoption Of Blockchain Tech

As reported by BTCNN recently, over 40 central banks globally are interested in adopting blockchain technology. Also, the Bank of France has adopted ethereum with smart contracts and a private Ethereum implementation. Ashley Lannquist, a project lead in blockchain and distributed ledger technology at the World Economic Forum described it as “one of the first productive deployments of ethereum in the world, and it was by a central bank.”

Also, Cambodia Central Bank plans to adopt blockchain tech. The bank intends to incorporate blockchain technology for its national payment system by the end of the year.

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