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Thailand's Siam Commercial Bank has no plans of using Ripple's XRP token "as of now"

Mon, 10 Jun 2019, 05:59 am UTC

The Siam Commercial Bank (SCB), Thailand’s largest commercial bank, has retracted a statement it made about its plan to start using Ripple’s XRP token.

The bank’s denial was communicated via the social networking service Twitter published on June 7. In a statement, SCB apologized for the earlier tweet and clarified it has no plans on using XRP yet.

We are sorry for the previous information of the previous post. As of now, we have no plan on using XRP.

According to Cointelegraph, the now-deleted tweet was prompted after the bank’s official Twitter handle answered a user’s question about XRP and revealed the “XRP system will be announced soon.”

XRP system will be announced soon. Please follow our official schedule on social media again.

The news came after SCB recently joined forces with the Bank of Thailand and 21 other Thai and foreign-bank branches, including Bangkok Bank, Krung Thai Bank, and Kasikornbank, to create a blockchain network through the Thailand Blockchain Community Initiative (BCI).

The initiative aims to lessen the complexity of normal bank process, simplify data verification on the same network, reduce the potential of fraud information, and enhance business efficiencies.

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