Thai Central Bank Launches World’s First Blockchain Based Bond Issuance Platform

Thai Central Bank launches world’s first blockchain-based bond issuance platform. Using IBM‘s blockchain technology, the Bank of Thailand unveiled the world’s first blockchain-based government savings bond issuance platform.

The central bank sold more than $1.6 billion worth of savings bonds within just 2 weeks of launching, as per IBM’s official announcement on Oct. 5, 2020.

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.

IBM and the central bank has collaborated with seven other institutions including Public Debt Management Office, Thailand Securities Depository Co., Thai Bond Market Association and four other banks.

The Bank of Thailand may soon broaden the use of blockchain technology across all other government issued bonds for retail and wholesale investors.

The bank has been actively involved in the blockchain and cryptocurrency arena. In June, it launched a pilot test for its central bank digital currency — the digital baht — to test it with large-scale enterprises. The month after, it was reported to be planning to use its digital currency to transact with the Hong Kong Monetary Authority. The Bank of Thailand is also pursuing smart contracts and decentralized finance use cases for its national digital currency.

[image: Florian Wehde]

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