Central banks in Southeast Asia are now taking a cautious stance towards the rise of virtual currencies but it is inevitable that they will adopt the basic technology or blockchain technology.
These banks also say that speculative investments in the virtual currency market do not pose a risk to the system but require greater regulatory oversight.
In particular, while central banks seem to be adopting new payment systems from startups, the rise of virtual currencies Bitcoin or Ether, they seem to be much more cautious. For central banks, one big problem is that they can not influence the formation and circulation of digital money. In addition, virtual currency transactions do not follow the laws governing financial transactions in the country, particularly those on the reporting and money laundering. However, central banks Southeast Asia is very interested in the use of blockchain - a technology behind the virtual world and also known as Distributed Ledger Technology (DLT).
This is a digital ledger form that works without a repository center. This technology uses the power of peer-to-peer networks to validate and validate valid archives or "blocks". These blocks are marked by time, interlocked and password-protected, which prevents modifications. This technology is suitable for storing anything of value.
For the financial industry, blockchain technology promises faster, safer and safer transactions. Transfers between countries' accounts can be made in seconds versus a few days if using the current system.