RETAIL CBDC PILOT TO BE STARTED BY BANK OF THAILAND

 

The retail Central Bank Digital Currency (CBDC) pilot programme, slated to run from late 2022 to mid-2023, has officially begun, according to the Bank of Thailand.

The study, which will concentrate on the growth of retail CBDC and its potential effects across the banking sector, will match the attention of other central banks, according to Vachira Arromdee, the central bank's deputy governor.

One of the first central banks to investigate the potential of retail CBDC for the development of its financial ecosystem is the Bank of Thailand. The decision offers the chance to diversify the Thai economy and gives companies more access to more user-friendly and affordable financial services.

The two phases of the pilot will be Foundation and Innovation. Through the selection of 10,000 retail customers by the Bank of Thailand, Bank of Ayudhya Public Company Limited, and Siam Commercial Bank Public Company Limited, the Foundation phase will test the CBDC's technology in payment activities. Giesecke+Devrient will develop the technology.

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To observe CBDC's practical applications and modify its design to suit Thai retail consumers, the innovation stage will evaluate the programmability and development of CBDC for a variety of consumers.

To promote industry involvement and foster public discussion on the issue, the central bank has launched a CBDC Hackathon.

The Bank of Thailand emphasised that the pilot does not ensure the issue of retail CBDC and that its purpose is to assess the viability of CBDC technology in Thai contexts.

Thailand's Securities and Exchange Commission earlier this year outlawed the use of cryptocurrencies as a form of payment. The Bank of Thailand issued a statement advising against utilising cryptocurrencies as a form of payment.

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