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Thailand's central bank to pilot retail digital currency for public next year

Thailand’s central bank said on August 19 it plans to test its retail digital currency for the public in the second quarter of 2022 as an alternative payment option.
Thailand's central bank to pilot retail digital currency for public next year ảnh 1Illustrative image (Photo: AFP/VNA)

Bangkok (VNA) - Thailand’s central bank said on August 19 it plans to test itsretail digital currency for the public in the second quarter of 2022 as analternative payment option.

The retail central bank digital currency (CBDC) will not affectmonetary policy or money supply in the system, Assistant Governor Vachira Arromdee said at a newsconference.

The pilot project will evaluate the use of the CBDC in cash-likeactivities within a limited scale, such as accepting, converting, or payingfor goods and services, she said.

In a statement, the Bank of Thailand (BOT) predicts demand for the CBDC will graduallyincrease and that it could become an alternative payment option, partiallysubstituting cash and e-money.

The BOT will assess results and risks from the test to ensure thatthe CBDC is beneficial to all and does not undermine economic and financialstability in the future, it said.

Previously, the BoT has partnered with several major banks across Asia on aresearch-development project for a cross-border CBDC, aka Multi-CentralDigital Currency Bridge (m- CBDC) which uses distributed ledger technology. Banksparticipating in the project include the Hong Kong Monetary Authority(China), the Central Bank of the United Arab Emirates (UAE), and the DigitalCurrency Institute of the People's Bank of China (PBoC)./.

VNA
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