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Myanmar and Thailand to put on Ethereum payment system – Coin Hero

5f50c6b91a07e4eb150db4278ccf908b - Myanmar and Thailand to put on Ethereum payment system - Coin Hero

Myanmar and Thailand to put on Ethereum payment system

Home News Myanmar and Thailand to put on Ethereum payment system

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Matthias Nemack –
07.04.2019

Especially in professional cross-border commuters are to benefit from the new payment system, which is based on the ETH.

Thailand maintains previous crypto-alignment

It is, in part, the logical consequence of messages from the late autumn of the year 2018. In November, the government of Thailand already hinted that you can pull tax payments via the Blockchain into consideration and, in addition, more regulations to Bitcoin and the crypto world as a whole would like to take. Now there’s something moving, if also elsewhere, and not in connection with the Bitcoin. Instead, it is the Central Bank of Thailand on the one hand, and the administrative counterpart of Myanmar on the other side. The presidents of each institution have now stated officially that their approval for the credit Transfer system the company’s Everex.

Cross-border plans to reduce costs and save time

The company specializes in Blockchain technology and works in the said case, the System Ethereum. That, of all things, these two Central banks to adopt a position has, of course, a good reason. Because the two authorities so that users from one of the two countries can transfer over the System in the future beyond the country’s borders, money into the other country. As state institutions, the Bank of Thailand as well as Myanmar’s Shwe Bank as co-operation partners are represented in the payment project. Also, the competent ministries of Finance play a Central role. The Central banks, particularly the faster and safer execution of payment, which should, in turn, constitute the so-called “migrant workers” in the two States of a relief.

Various Coin-preferences for new payment models

Around three million of these professional it should be employed according to the joint opinion of the Central banks, as well as the company’s Everex. These workers often work in the neighbouring country, but need to transfer money regularly in the home next door. The newly developed service bears the name of “Krungthai Bank and Shwe-Bank Remittance powered by Everex”. It allows users to transfer money via a normal Smartphone. Other countries are increasingly using similar approaches, India’s Central Bank has decided, in this regard, however, for an Alliance with Ripple. Other countries fully develop their own digital currencies.

Featured Image: From MuchMania | Shutterstock.com

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