Thailand's Largest Commercial Bank Retracts Statement on Using XRP ‘Soon’

Francisco Memoria

Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has recently retracted a statement made via the microblogging platform Twitter on it using XRP in the near future. Responding to another user, it clarified there are no plans to use the cryptocurrency for now.

According to a now-deleted tweet from the bank’s official account, an “XRP system” was set to be announced “soon.” The bank even asked a user to keep following it on social media to keep up with new updates.

SCB's statement on XRP

Via a new tweet, the SCB noted that it was “sorry for the previous information of the previous post,” and that it currently isn’t planning on using XRP. Despite the commercial bank’s conflicting message towards XRP, it’s known it has entered several blockchain-based initiatives.

Earlier this year, the SCB partnered with Thailand’s state oil company PTT Exploration and Product Public Company to use blockchain technology for cross-border business-to-business payments in what ended up being a successful trial.

Moreover, the SCB is known for being a part of the RippleNet payment network, and for pioneering its multi-hop feature, which allows financial institutions to settle payments on behalf of others present on the network.

It’s worth noting that Thailand’s Securities and Exchange Commission (SEC) has late last year released a warning on initial coin offerings (ICOs), and that the country’s central bank is rumored to be developing its own cryptocurrency.

At press time, XRP is trading at $0.408, down 2.55% in the last 24-hour period. It’s unclear whether the SCB’s retracement affected the market, as most cryptocurrencies are down by single-digit percentages in said period.