Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand, and Mr. Pridi Daochai, President of the Thai Bankers' Association, along with representatives from 14 banks in Thailand and 7 state enterprises and large organizations, launched the Thailand Blockchain Community Initiative to leverage blockchain technology to enhance the efficiency and competitiveness of the country's business sector. The initiative starts with the project of electronic guarantee letters on the blockchain system, creating a secure and convenient network of guarantee letters, marking the first time in Thailand. This system will transition the guarantee letter limit of 1.35 trillion baht into a 100% electronic document format, reducing costs by up to 2 times. It is currently under testing within the framework of the Bank of Thailand's Regulatory Sandbox to ensure that the development of new services meets standards and provides maximum benefits to users and the country's economy. The initiative is expected to be operational by the third quarter of this year at the Bank of Thailand Learning Center.

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