The Bank of Thailand Reflects Blockchain for fraud reduction and seamless for Cross-Border Payments

Ninjas, I hope you are enjoying the bullish run by BTC. Well, I want you to know we are in for a big time pump. Cryptocurrency is here to stay. Cryptocurrency will shape our lives as the Internet has done, is doing and will continue to do.

Bitcoin is still in its early stages and each day, many applications are being integrated into Blockchain technology. So many countries are beginning to adopt Blockchain as its use is more than just transfer of funds

The Bank of Thailand’s (BoT) Governor, Dr Veerathai Santiprabhob during a speech at the Bloomberg ASEAN Business Summit has said that the bank is planning towards the adoption of blockchain technology to be used for various applications.

These blockchain applications will provide services for cross-border payments, supply chain financing, and document authentication.
Dr Santiprabhob said that using blockchain technology for cross-border payments would

improve regional financial connectivity and facilitate smoother cross-border financial services.

Protecting the funds in your wallets is very paramount. Hackers are everywhere and if you give them a slim chance by making your funds vulnerable, then you are going to run at a loss. The Bank of Thailand’s Governor believes that Blockchain technology can help in reducing fraud and in the protection of financial information.

Adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities.

In essence, this will only increase cryptocurrency awareness and allow for more adoptions by many financial institutions. Slow and steady, Cryptocurrency will win the race.

If you are not sure about what Cryptocurrency is and you feel like asking a question, don’t hesitate to holla at Ninja Discord anytime to talk about cryptocurrency. You can as well check out our exclusive Ninja coin giveaways and Trading View analysis.


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