BoT gearing up for digital currency tests

BoT gearing up for digital currency tests

Trials among general public expected to begin in second quarter of 2022

(Reuters Photo)
(Reuters Photo)

The Bank of Thailand says it will begin testing use of its retail digital currency for the general public in the second quarter of next year before fully implementing it over the next three to five years.

The retail central bank digital currency (retail CBDC) is aimed at providing access to convenient and secure financial services, said Vachira Arromdee, assistant governor overseeing the financial markets operations group.

“It will not affect the Thai financial system,” she told a briefing on Friday.

The central bank is seeking public opinions by June before developing the digital currency, she said. It has published a discussion paper that can be downloaded from its website.

A retail CBDC is a digital form of money issued by a central bank comparable to physical banknotes. It can be used in financial transactions both online and offline.

China has already begun trials of a so-called digital yuan among consumers in selected cities, and other central banks are planning similar projects. 

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