The Bank of Thailand (BoT) Puts the Brakes on Its CBDC -Breaking
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Bank of Thailand (BoT), Puts Brakes on its CBDC- Governor of the Thai Central Bank decides to reduce CBDC.
- He says there are many other payment options.
- A delay in the implementation of Crypto Transaction Tax (VAT) was made until 2024.
Because of the existence of online payment options available, The Bank of Thailand has decided to halt its ambitions for a central bank digital currency (CBDC).
In an interview given at the 2022 World Economic Forum by Mr. Sethaput Suthiwartnarueput the Governor of the Thai Central Bank, he stated that CBDC was not necessary.
The Central bank confirmed that it will continue the public CBDC retail trial by the Bank of Thailand in the fourth quarter of 2022. This will however be on a limited scale with banks testing withdrawals and deposits.
Suthiwartnarueput shared his happiness with online payment methods such as Promptpay, and other QR code payments. He also claimed that the use of blockchain technology may result in ‘unintended consequences’ and design concerns due to smart …
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