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The Bank of Thailand will begin testing a retail CBDC in late 2022

NFT, crypto
Published 1 week ago
ID #1826
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The Bank of Thailand will begin testing a retail CBDC in late 2022
NFT, crypto,
Published 1 week ago

Description

In addition to its wholesale central bank digital currency - CBDC projects and retail CBDC proofs of concept with businesses, the Bank of Thailand - BOT will expand the scope of CBDC development targeting the retail public to a pilot phase.


A possible real application of retail CBDC will be carried out within the private sector on a limited scale.

As the announcement of August 5 on the official page of the BOT says:

The BOT will assess the benefits and associated risks of the pilot to formulate related policies and improve the design of the CBDC in the future.

Payment for goods and services, in limited areas and on a scale of 10,000 retail users. Three companies will participate in the experiment  Ayudhya Bank, Siam Commercial Bank and 2C2P. The tests should start in late 2022 and last until mid-2023.

The pilot project is divided into two phases. In the first, Foundation track, CBDC will be tested in cash like activities.


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    franko
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    NFT, crypto
    Thailand CBDC Bank