The Bank of Thailand (BOT) plans to start piloting the CBDC by the end of the year.
The bank plans to launch a central bank digital currency (CBDC) pilot by the end of the year to assess the risks and benefits associated with the launch of a digital currency.
It was noted that the cooperation with the Central Bank of Thailand and private sectors will enable the central bank to expand the scope of previous CBDC studies.
“The Bank of Thailand was among the first central banks to recognize CBDC as a new financial infrastructure, and this technology has the potential to provide more convenient and easier access to a variety of financial services at lower costs.”
The pilot implementation of the bank will be divided into two parts. The first is a basic way designed to evaluate payments made by around 10,000 users for goods and services involving three companies. The second part is the innovative way to facilitate the development of new financial services.
Despite all these efforts, the bank has no plans to launch a CBDC for now. In the first place, the central bank wants to comprehensively evaluate the risks and benefits of CBDCs.
Thailand, in its statement last year, stated that CBDC is a system that can be fully implemented in 3 to 5 years.
