Thai Bond Markets Association Adds Blockchain Technology to Existing Technologies
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Answer Thai Bond Markets Association Adds Blockchain Technology to Existing Technologies
The Thai Markets Association (TMBA) plans to design new platforms that combine blockchain, bond and cash systems, all with the aim of improving the growth of the financial market.
This system will cut issuance times by more than half and the Association of Thai Markets also wants to issue new debt certificates in just two days, As well as applying to the regulated sandbox by this year under the supervision of several regulators and with this step Thailand will put the first crypto system in the National Bank of Thailand.
It is expected that the issuance of these bonds will start in just 3-4 days, which is faster than the previous period, which usually takes 7-15 days. Papers in all their forms, as the blockchain system will be the only one to deal with.Read:Elon Musk clarifies his stance on bitcoin after Tesla sells its bitcoin holdings
The Chairman of the Board of Directors of the Bank of Thailand explained that the issuance of the fastest bond certificate allows bond holders to trade among themselves in a shorter time and makes risks less rapidly, and will give the Thai market the strength to launch in a way that allows it to compete with other global stock exchanges.
Thai Markets Fund achieves impressive growth in 6 years
According to the central bank chief, the Bank of Thailand has achieved record numbers over the past six years and that it will take all steps to make the Thai market the best in the region.
It is noteworthy that the average market value of trading in the Thai market has reached 5 billion baht, a figure that was only 800 million 6 years ago, specifically in 2011.
In order to issue this system of blockchain and do cryptography, the government must publish a smart contract that allows trading platforms, issuers and investment companies to allow the use of the platform, the system of access to bonds and bond information, as well as verification and security systems.Read:The ICON project enters the world of decentralized finance (DeFi) with this new update…Details here
Thailand will not back down from being the most important country in blockchain
Thailand will allow users to check interest rates and payments on the bond paper during the first phase, which will take only 9 months, and the second phase, in which bond deposit and lending services will start about 12 months, and there will be systems that allow traders to choose the appropriate system for them.
Recently, the Securities and Exchange Commission announced the issuance of new laws around the initial coin offering (ICO) process. Also, last week, securities companies announced their plans to launch an exchange for cryptocurrency trading.Read:Because of the “TON” digital currency…. Telegram will pay a fine of $18.5 million
It is noteworthy that the population of the state of Thailand is 66 million people, most of them are people who support the idea of dealing with encrypted currencies, and many of them would like to deal with encrypted digital currencies directly instead of securities, although Thailand has the largest gathering of people with different references as the origins of its residents are due to the Malays and Thais. The Chinese, the Mon, the Khmer, the hill tribes and others, but all this intellectual difference did not prevent them from accepting the idea of digital currencies and all forms of possible accelerated economic progress.
In your opinion, when will other governments allow digital currencies to be widely and publicly traded and allow companies to offer currencies on the stock market?!!
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