• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Thailand and Hong Kong in Crypto Collaboration With Cross Border Token Project

Martin Young by Martin Young
1 year ago
in Cryptocurrency news
Reading Time: 2min read
hong kong
Advertisement

Central banks are increasingly looking towards more efficient payment methods and crypto tokens are filling that role. Thailand and Hong Kong have just announced a joint agreement to utilize digital currencies to facilitate quicker payment in bilateral trade.

Cross Border Crypto

Central banks are beginning to realize that the options for cross border payments are woefully dated, painfully slow and ridiculously expensive. Yes, we’re talking about SWIFT.

The explosive growth of the crypto industry, which is really only a few years old, has highlighted how easy, fast and cheap it is to send money across international borders via a secure and immutable distributed ledger.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Nations, especially in Asia, are looking towards crypto to ease the process of sending finances overseas and Thailand and Hong Kong are the latest to embrace the embryonic technology.

According to reports, the two nations have entered an agreement to roll out a two-tier digital token as part of the process to create a prototype for cross-border transfers. The initiative has been dubbed Project LionRock-Inthanon and the first tier involves the issuance of a crypto token to participating banks.

According to the Hong Kong Monetary Authority (HKMA), the second tier involves the banks distributing these crypto tokens to their corporate customers for settling wholesale payments. The fintech collaboration between the HKMA and the Bank of Thailand was established in May.

The two nations have bilateral trade worth an estimated $US20 billion per year and the new system will give businesses a competitive edge over inflated exchange rate mechanisms between the two currencies.

Project LionRock is focused on streamlining cross-border transfers and payments between banks and companies rather than replacing cash as the People’s Bank of China intends to do with its crypto yuan. HKMA senior executive director Edmond Lau added;

“The prospect of issuing a central bank digital currency for retail purpose in Hong Kong is limited, as we have so many retail payment services (ranging from) credit card, debit card, and (others),”

He continued to state that the HKMA and Bank of Thailand will announce more details on their proof-of-concept study during the first quarter of 2020. Thailand’s central bank has already been researching its own central bank digital currency (CBDC) under ‘Project Inthanon’. The initiative involves banks such as HSBC, Standard Chartered, and a number of Thai banks including Kasikorn Bank and Krungthai Bank.

The Kingdom has recently opened its doors to crypto currencies by amending regulations to favor the industry and innovation.

Not Using Ripple

The system appears to be similar to that offered by San Francisco based fintech firm Ripple. The company’s loyal followers, also known as the ‘XRP Army’, have been insistent that banks will be using their token. This latest announcement proves that they are more likely to just develop their own rather than rely on one controlled by a third party.

Image from Shutterstock
Tags: Central BankCross-bordercrypto-tokenHKMAhong kongthailand
TweetShare69
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Related Posts

Blockchain is Finally Becoming What Was Promised

Blockchain is Finally Becoming What Was Promised

6 hours ago
Chainlink Paints Golden Cross as BlockFi Announces LINK Support

Chainlink Paints Golden Cross as BlockFi Announces LINK Support

10 hours ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

10 hours ago
Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

12 hours ago
Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

17 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

17 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.