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Thai central bank to test retail digital currency later than planned -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The Bank of Thailand, Bangkok, Thailand is where you can see Thailand’s central banking institution. April 26, 2016, REUTERS/Jorge Silva/File photo

BANGKOK, (Reuters) – Thailand’s central bank stated Friday that it plans to offer its digital currency, the CBDC, for public testing in late 2022. This is a later date than originally planned and will be used as an alternate payment method.

The pilot project, previously planned for the second quarter of 2022, will evaluate the use of the CBDC in cash-like activities within a limited scale, deputy central bank director Kasidit Tansanguan told a news conference.

This project involves transactions like deposits, withdrawals, and funds transfers between financial institutions as well as around 10,000 users.

Kasidit indicated that Thailand will move slowly following discussions with all relevant parties.

He said that Thailand can take a slow step towards the retail CBDC in order to maintain efficiency and prudence, as it has a problem receiving funds or paying its dues as other countries.

He explained that while the retail CBDC will not be competing with crypto or stable coins, it is intended to lower financial costs.

Retail CBDCs are digital forms of money, similar to traditional banknotes. This money can be used online or offline for financial transactions.

However, the BOT has stated that it doesn’t support digital assets such as Bitcoin and Ethereum as payment for goods or services because of risks.

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