Bank of Thailand Governor Heralds Blockchain's Coming Impact

Bank of Thailand Governor Heralds Blockchain's Coming Impact

The Bank of Thailand is opening up about the potential for blockchain disruption.

In remarks last week, Dr Veerathai Santiprabhob, the deputy chairman of the central bank's 14-member board, commented on the changing role of global finance, calling emerging technological innovations both an "opportunity" and a "challenge" while noting that he believes the nation's domestic financial institutions largely need to embrace change.

Speaking broadly about the impact of new technologies from smartphones to big data, Dr Santiprabhob discussed how blockchains and distributed ledger technologies could come to replace central institutions.

Elsewhere, he explained how blockchains and distributed ledgers are able to distribute transactions broadly, making members of any network aware of changes and consequences.

While short, the remarks are notable given the lack of public dialogue from the central bank on matters relating to cryptocurrencies and blockchain. In the past, the central bank has gone so far as to warn about the potential dangers of the technology, though businesses have often been left seeking clarity.

However, the new statements indicate change could be on the way as Thailand's financial institutions begin experimenting with the technology, a move that could perhaps both open up and ease the sometimes tense national conversation domestically.