Siam Commercial Bank (SCB) has changed its decision about implementing the XRP cryptocurrency into its activity. The information about this fact was made public only when the bank's community began to demand specific information on this subject.
On June 3rd
, one of Twitter's respondents asked when the Thai bank would fulfil its promise. It turned out, however, that SCB gave up on these plans completely. The reasons for the change of this decision remain unknown.
Lack of communication
The bank apologized to its community for misinformation and announced that it currently does not intend to implement XRP. What is interesting is the fact, that the previous tweet, in which SCB wrote about these plans, was simply removed. By all means, it was not a good move on the bank's part, because it jeopardized its reputation and made it lost the trust of some of its clients as they consider it as an attempt to sweep the case under the rug. This type of behavior is of course shocking, if only because of the size of SCB, because in such large institutions communication slips are always noticeable...
On the official website belonging to SCB, we can find information that from mid-2018 the Thai bank was actively involved in research and development on the application of blockchain technology for cross-border B2B payments
. This pilotage proved to be a success because the duration of the monetary operations was minimized.