The Bank of Thailand launched the world\u2019s first blockchain-based government savings bond issuance platform using IBM\u2019s blockchain technology.<\/p>\n\n\n\n
Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds, as per IBM\u2019s official announcement<\/a> on Oct. 5, 2020.<\/p>\n\n\n\n The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant validation of documents involved in bond issuance.<\/p>\n\n\n\n IBM along with the central bank collaborated with seven other institutions including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association and four other banks.<\/p>\n\n\n\n The Bank of Thailand may soon extend the use of blockchain technology across all other government-issued bonds for retail and wholesale investors.<\/p>\n\n\n\n The Thai central bank has been actively involved in the blockchain and cryptocurrency space. In June, the bank launched a pilot test<\/a> for its central bank digital currency \u2014 the digital baht \u2014 to test it with large-scale enterprises. The following month, the bank was also reported<\/a> to be planning to use its digital currency to transact with the Hong Kong Monetary Authority.<\/p>\n\n\n\n