Bank of Ayudhya (Krungsri), Siam Commercial Bank and Singapore-based payment service provider 2C2P have joined the Bank of Thailand pilot project to launch a retail CBDC as part of a regulatory sandbox. Writes about it Bangkok Post.
The digital currency will be tested in specially created applications by employees of organizations and some enterprises located near their headquarters.
The experiment will last until August. Up to 10,000 users will take part in it.
In addition to payments for goods and services, another use case for the digital baht for retail users could be social benefit payments.
The Bank of Thailand called the project “a pilot study” rather than a follow-up launch. The regulator has no official plans to launch a CBDC.
It was assumed that its tests will be carried out from the end of 2022 to the middle of 2023. In the future, the head of the Central Bank of Thailand, Setaput Sutivartnarueput, said that the retail launch of the digital baht could be pushed back for up to five years.
Recall that in May 2019, the central banks of Thailand and Hong Kong launched the Inthanon-LionRock project to study the use of wholesale CBDC in cross-border payments.
In 2021, the Central Bank of China and the UAE joined the participants.
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Bank of Ayudhya (Krungsri), Siam Commercial Bank and Singapore-based payment service provider 2C2P have joined the Bank of Thailand pilot project to launch a retail CBDC as part of a regulatory sandbox. Writes about it Bangkok Post.
The digital currency will be tested in specially created applications by employees of organizations and some enterprises located near their headquarters.
The experiment will last until August. Up to 10,000 users will take part in it.
In addition to payments for goods and services, another use case for the digital baht for retail users could be social benefit payments.
The Bank of Thailand called the project “a pilot study” rather than a follow-up launch. The regulator has no official plans to launch a CBDC.
It was assumed that its tests will be carried out from the end of 2022 to the middle of 2023. In the future, the head of the Central Bank of Thailand, Setaput Sutivartnarueput, said that the retail launch of the digital baht could be pushed back for up to five years.
Recall that in May 2019, the central banks of Thailand and Hong Kong launched the Inthanon-LionRock project to study the use of wholesale CBDC in cross-border payments.
In 2021, the Central Bank of China and the UAE joined the participants.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!