Thailand: Thai Government to use blockchain for VAT refunds, bonds, procurement

22 Nov 19: Thailand’s Ministry of Finance announced three blockchain projects spearheaded by four agencies and in co-operation with Krung Thai Bank. The ministry has signed agreements to develop the initiatives and boost efficiency through the digitalization of processes. The first project is for issuing value-added tax (VAT) refunds for tourists.  The second project is for government procurement of goods. The ministry is using blockchain for guarantees, to reduce collateral checks of entrepreneurs and boost the economy.