The Bank of Thailand’s wholesale central bank digital currency (CBDC) development began with Project Inthanon in 2018. Top executives wanted to better understand how distributed ledger technology (DLT) can be applied to “enhance the efficiency and resiliency of the financial system”, members of the digital currency team and legal department tell Central Banking.

An internal “squad” composed of working-level members from the financial markets, FX compliance, payment systems, IT, cyber risk