Thailand’s largest commercial bank, Siam Commercial Bank, denied on Twitter that they are planning to start using Ripple’s XRP token, contrary to earlier indications. The bank’s denial was communicated in a tweet published on June 7.
We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP.
— SCB Thailand (@scb_thailand) June 7, 2019
However, there seems to be a little misunderstanding since it’s obvious from the photos (print screens) that this bank had obvious intention including XRP system into their business. The text, that has now been removed from Twitter, from June 5, says:
“XRP system will be announced soon.
Please follow our official schedule on social media again.
— SCB Thailand (@scb_thailand) June 5, 2019”
Reaction from the XRP-focused community followed almost immediately. Some blamed the bank for incompetence while others believe that with this denial the bank is just trying to adhere to the terms of a non-disclosure agreement.
Just an Incompetent Media Manager or Somewhat Else?
One of the explanation that some think is most probable, is that a member of SCB’s social media team was unaware that such an agreement existed and acted without consulting the bank’s legal team, based on the bank’s previous interactions with XRP.
However, how can then be possible that on May 18 one user came across the bank message and published a snapshot in Twitter that said:
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
This goes in line with the bank’s previous statements. Bare in mind that in May, SCB said that they will be using blockchain technology but that further announcements would be made regarding the use of XRP and added it would be using blockchain technology. They actually conducted a cross-border payment trial using Ripple.
Moreover, in April, SCB and Thai state oil company PTT Exploration and Production Public Company Limited performed a successful test of blockchain’s use for cross-border business-to-business payments.
In February, Remittance firms UAE Exchange and Unimoni have gone live with blockchain-based payments using Ripple technology. Finablr, which owns the two brands, announced that “real-time” cross-border remittances using RippleNet were live, starting with payments for its international customers to Thailand.
The service was launched in partnership with Thailand’s Siam Commercial Bank.
In September 2018, SCB had pioneered RippleNet’s multi-hop feature, which allows for the settlement of payments on behalf of other financial institutions present on the network.
Thailand Still One of the Most Progressive in Crypto Adopting
Be it as it may, while some legislators across the globe such as those in China and the US have responded with preemptive bans and crackdowns, other jurisdictions have assumed a more progressive stance towards balancing regulation with consumer and investor safety.
Thailand is among the first country in Southeast Asia to enact cryptocurrency legislations, regulating the offering of digital assets and opening its doors to crypto-related businesses.
Last month, the Thai Securities and Exchange Commission (SEC) has announced a list of four approved cryptocurrencies for use as base trading pairs in the country. The regulator reportedly took into account factors such as sufficient market liquidity and a well-designed decentralized system.