The Bank of Thailand will begin testing retail CBDC in the second quarter of next year

The Bank of Thailand set its agenda for a retail central bank digital currency with preliminary testing protocols scheduled to begin in Q2 2022.

The Bank of Thailand will begin testing retail CBDC in the second quarter of next year

According to assistant governor Vachira Arromdee, the Central Bank of Thailand will begin testing retail digital currencies in the second quarter of next year.

Arromdee said:

“The retail digital currency could be fully implemented over the next 3-5 years. It will not affect the Thai financial system.”

The Central Bank of Thailand is seeking public feedback before June 15 on the development and issuance of a central retail bank digital currency (CBDC). To that end, the central bank published a 59-page article outlining its approach to considering retail CBDC issuance.

The central bank said:

“We believe that a retail CBDC would provide a valuable option for citizens to benefit from a digital currency that is accessible, reliable, and safe. It would also lay the groundwork for a safe payment infrastructure, building the foundation for interoperability and collaboration with the private sector to drive financial innovation.”

But the planned effort will have no risks and challenges. Therefore, exploration of retail CBDCs must take into account policy implications, design decisions, and risk mitigation measures.

The Bank of Thailand has also engaged in cryptocurrency wholesale work through the Inthanon Project, which focuses solely on interbank payments. The project has been in the works since 2018 and is still in the concept testing phase. The technical, regulatory, operational, and legal considerations of a wholesale CBDC have not been explored by the project.

Meanwhile, the Bank of Thailand has extended its attention to a retail CBDC to the public in anticipation that digital currencies will play a larger role in the future financial landscape of Thailand. Thailand.

The central bank said:

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