Bank of Thailand Discusses Integrating Ethereum and OmiseGo

Bank of Thailand Discusses Integrating Ethereum and OmiseGo

In mid-August 2017, the Bank of Thailand held talks with Ethereum founder Vitalik Buterin to discuss the future of the Thai economy and financial industry. They specifically discussed integrating Ethereum and blockchain service providers, such as OmiseGo, to improve the country's existing banking system and financial platforms.

Vitalik Buterin, founder of Ethereum

OmiseGo is a startup company that uses Ethereum blockchain to offer a secure and efficient financial platform, aimed at helping Southeast Asian populations break free from traditional banking systems. The company targets users who want an alternative to traditional financial systems, and provides services such as payment and asset management using both fiat currencies and digital currencies.

OmiseGo logo

Thailand is actively pursuing the use of blockchain technology, with the Electronic Transactions Development Agency revising the 2001 law to support the adoption of blockchain technology and smart contracts. Thailand's local banking industry is also looking at using blockchain to optimize document verification processes, and Thailand Post plans to introduce blockchain technology to increase the security of valuable packages by the end of 2017. Even bars in Thailand have started to accept Bitcoin instead of credit cards.

Flag of Thailand

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