Bank of Thailand Launches Digital Currency Pilot Project

[SRShanuka2020]

Bank of Thailand Launches Digital Currency Pilot Project

The Bank of Thailand announced that it plans to develop a prototype to test real-life business use cases of its central bank digital currency (CBDC).

The bank said in its official statement that before it launches the CBDC payment system for all businesses, it plans to test it with large-scale enterprises.

They have partnered with the largest cement and building material provider in Thailand, Siam Cement Group (SCG), and Thailand-based fintech firm Digital Ventures Company Limited to pilot test their payment prototype system.

The project is scheduled to start in July 2020 and the pilot test with SCG is expected to conclude by the end of this year. With CBDC payments, the bank aims for a more efficient payment system with increased flexibility for fund transfers and faster payment settlement between suppliers.

Following the pilot, the Bank of Thailand will assess the system’s feasibility and a way to easily integrate CBDC payments on other business platforms.

The bank said it will build the CBDC payment prototype based on the experience of Project Intathon — a collaborative wholesale CBDC payments project conducted by the Bank of Thailand and eight other financial institutions that was completed in January.

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[TomPluz]

Seems to me that Thailand want to be the leading country when it comes to having their own central-bank-backed digital currency. I am wishing them all and if they are doing right, Thailand can be a model for others to follow. At this time of the pandemic, there is that incentive and more reason to go fully digital and go cashless all the way.

[Muneeb22]

This is the best news for the crypto lovers becasue so many peoples will know that the world future currency is just the crypto and i hope that like the Thailand other countries will also start work in crypto.

[Renampun]

positive news...
Among Southeast Asian countries, Thailand is famous for its openness, being the leader in developing digital currency is a good thing for Thailand.