Thailand-Europe payment system to be enhanced by Stellar blockchain remittance corridor

Stellar blockchain is one of the most significant and promising blockchain technologies that has a new use case now. The Stellar Chain will now be hosting a new remittance corridor to facilitate payments across the boundaries of multiple nations.

Prominent firm Velo Labs has joined hands with two monetary firms, Kavin Phongpandecha-led Bitazza and Suren Ayriyan-led Tempo Payments. The two organizations, along with Velo Labs, have come up with a 17 billion USD project to enhance the payment network between various nations.

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Hosting on Stellar Blockchain

Stellar Chain will be responsible for hosting the new 17 billion USD project that has been build by Velo Labs and the other two monetary firms. The organizations aim to connect around 27 European nations with Thailand, allowing the transfer of remittance payments between them.

Velo tokens will be used along with Velo digital credits to implement each and every fund transfer activity. With the announcement regarding the 17 billion USD project, the firms aim to provide a cheaper and better mode of payment.

Thailand’s stance on crypto

The Bank of Thailand doesn’t seem to be fond of cryptocurrencies, stablecoins, or the usage of crypto as a payment medium. The authorities have urged people to avoid payments involving cryptocurrencies as they feel that there are potential risks involved.

See more: Crypto Jacking: A uniquely southeast Asian problem

Following the negative stance of the Bank of Thailand on digital assets, the monetary firm has decided to involve the US SEC to ensure that potential risks are subdued.

Source: Cryptopolitan