Crypto adoption

CBDC: The Bank of Thailand will launch later this year

If all goes according to plan, Thailand’s central bank, the Bank of Thailand (BOT), will begin testing a retail central bank digital currency (CBDC) in late 2022 or early next year.

The future financial and banking system will be built on digital currencies?

A retail CBDC is a digital form of money or currency issued by a central bank. It can be delivered both offline and online, so it has a wide range of uses.

According to the concept, the future financial and banking system will be built on digital currencies backed by central banks.

Bloomberg reported that the BOT has not disclosed its CBDC retail strategy. The tests are being conducted as part of the technology feasibility and product design evaluation.

Only a few people are selected to participate in the evaluation.

According to its own release, the BOT has selected about 10,000 retail customers and three corporate customers. Bank of Thailand selected Bank of Ayudhya, Siam Commercial Bank and 2C2P.

Thailand’s Securities and Exchange Commission (SEC) granted operating licenses to four digital asset providers on Aug. 4, despite instability surrounding Singapore’s Zipmex exchange, which banned withdrawals by Singaporean consumers in July. The bullish enthusiasm of the crypto-market has had a significant impact on cryptocurrency volume in Thailand in early 2021.

 

 

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