- The regulator expects to involve more than 10 thousand consumers in the initiative
- You can replenish your CBDC account through the application of one of the three banks participating in the project
- The test is predominantly taking place in Bangkok, where over 100 merchants have already offered CBDC settlements.
Yesterday, June 12, the Central Bank of Thailand launched a retail digital currency pilot project involving three service providers. The regulator plans to involve more than 10,000 consumers in the initiative to test the potential of e-THB and possible pitfalls.
This is reported Bangkok Post citing their sources. According to available information, the pilot phase will last at least until the end of August this year in a controlled regulatory sandbox.
The following financial counterparties are participating in the project: Bank of Ayudhya, Siam Commercial Bank and 2C2P Thailand. However, the Central Bank does not exclude the possibility of participation of other banks.
A division of the Bank of Ayudhya called Krungsri is already offering the opportunity to test the digital baht in practice. The company invited its employees and about 100 vendors in Bangkok to take part in the initiative.
CBDC top-ups are available through mobile apps of service providers. You can deposit funds in fiat, after which it is enough to transfer them to digital baht at the rate of 1:1.
The Central Bank of Thailand has not yet made a final decision regarding the launch of CBDC. But the regulator will consider this possibility if the solution is in demand.
We previously reported on a curious case in Thailand. The candidate for prime minister promised to give out $300 in cryptocurrency to every citizen of the country if he wins the elections.