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The Bank of Thailand (BoT), the central bank of Thailand, is studying the application scenarios of the country's central bank digital currency, the digital baht, in decentralized finance (DeFi).

Vijak Sethaput, a senior developer of the Bank of Thailand's central bank digital currency project Inthanon, spoke about the progress of the country's central bank digital currency in an interview with the Official Monetary and Financial Institutions Forum on Thursday.

Sethaput said that the bank has been tracking the latest developments in the DeFi industry, but before trying to apply new technologies to Thailand's central bank digital currency, the central bank must solve two major problems of DeFi: customer identification and privacy.

Sethaput said in the interview that smart contract deployment is the focus of the next phase of the Inthanon project.

He mentioned, "We have explored the functions of smart contracts and simulated the life cycle of bonds, so the bonds themselves can pay coupons and can be exchanged between parties to the transaction. We have a setting called repurchase, so they can be sold, repurchased or traded."

The DeFi industry is currently a hot spot in the crypto field. DeFi allows crypto companies to rebuild traditional financial instruments in a decentralized architecture outside the control of companies and governments.

More and more companies around the world are investing in the cryptocurrency field. According to DefiPulse.com, the total value locked in the DeFi market has now exceeded $5 billion.

Sky Guo, CEO of Cypherium, a New York blockchain company focused on central bank digital currency implementation, said that jurisdictions around the world could draw on the DeFi model to allow licensed parties to issue digital assets backed by real-world assets such as real estate and stocks and use them as collateral to obtain central bank digital currency loans.

As previously reported by BitPush, the Bank of Thailand is ready to deploy its central bank digital currency to local companies as part of the third phase of the development of the central bank digital currency project.