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Blog

Date:
30th Oct 2020
Author:
CryptoAltum Research Team

Ethereum’s ConsenSys will Help the Bank of Thailand Develop a CBDC

ConsenSys, a company and an appendage of Ethereum that helps develop its ecosystem, is the technology partner for the Bank of Thailand. It will now help the central bank develop a retail CBDC prototype, the digital Baht. Other partners include the Siam Cement Group and its subsidiary, Digital Ventures (DV).


Details: 

The selection of Ethereum development for the spearheading of the CBDC initiative in Thailand shows how developed, mature, and trusted ConsenSys--and by extension Ethereum, is. While the project would be run from a private chain, not the pioneer smart contracting platform, its quality is evident. Already, ConsenSys is developing Teku, an Eth2 client for enterprises.


Impact on the ETH Price: 

Neutral to Bullish. Until now, traders have been watching on-chain developers in Ethereum as anchors for making investment decisions. However, the selection of Ethereum partners is bullish, hinting at the quality of developers helping improve and fine-tune the Ethereum platform.


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