Thailand will begin testing its CBDC in retail this year.

The Bank of Thailand (BOT) announced it would launch a new pilot program CBDC details by the end of the year. It plans to test the payment currency for goods and services involving 10,000 retail users and three companies.

The BoT will test the CBDC This year.

Rather during the day, the BoT he said in a press release that the tests will take place by the end of the year until mid 2023 and that “recognizes the importance of CBDC as a new financial infrastructure “.

As such, the bank deems it necessarybroaden the scope of the experience CBDC to a pilot phase, “where the practical application of the CBDC retail sales will take place on a limited scale in collaboration with the private sector ”. This is indeed an important step which also shows that the country is eager to reap the benefits of this technology.

The pilot project will focus on two prioritieswhich the bank calls the fundamental component and the innovation component.

  • Fundamental component: the the main focus is the efficiency and safety of the technology behind the CBDC. An activity that falls into this category is the payment of goods and services, for which 10,000 retail users and 3 businesses were selected.
  • Innovation component: That focuses on programmability, “which will facilitate the development of innovative use cases for CBDC providing new financial services to a wide range of clients. The public and private sectors will be able to participate in hackathons, where participants and selected teams will benefit from coaching.

Bonus: Voyager gets court permission to return the $ 270 million fund to its customers.

Thailand is opening up to cryptocurrencies.

Thailand’s stance on cryptocurrencies is somewhat hesitant. In April 2022, discussions about new regulations led to the suffocation of the cryptocurrency market in the country. The increase in regulatory activity has also led to the decision by Thailand’s oldest bank to block the acquisition of the stock exchange.

Meanwhile, the Bank of Thailand is in no rush to launch a CBDC. The bank official said there are enough alternative payment methods. The crypto transaction tax has also been postponed to 2024.

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