Central Bank of Thailand to test digital retail currency later than expected by Reuters
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BANGKOK (Reuters) – Thailand’s central bank said on Friday it expects to test its digital central bank (CBDC) digital currency by the end of 2022, later than expected, as an alternative payment option.
The pilot project, which is scheduled for the second quarter of 2022, will assess the use of the CBDC on a limited scale in cash-like activities, Kasidit Tansanguan, deputy director of the central bank, told a news conference.
The project will involve transactions such as deposits, withdrawals and funds transfers from financial institutions and around 10,000 users.
After discussing and carefully examining important issues, Kasidit said that Thailand will move forward slowly.
“Thailand can gradually take a step towards ensuring efficiency and prudence in the retail CBDC, as it has a problem with the transfer or payment of funds like other countries,” he said.
The retail CBDC is not about competing with cryptocurrencies or stable currencies, it aims to reduce financial costs, he added.
It is a digital form of money issued by a central CBDC retail bank, comparable to physical banknotes. It can be used in financial transactions online or offline.
The BOT, however, said it does not support the use of digital assets, such as bitcoin and ether, as risks due to the payment for goods and services.
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