Bank of Thailand (BoT) to test digital currency next year

Thailand plans to start testing its retail central bank digital currency (CBDC) in the second quarter of 2022.

Thai 2022 agenda

The Central Bank of Thailand (BoT) has announced its plans to test CBDC for the public. The initiative is set for the second quarter of 2022 and aims to test a cryptographic financial instrument in a retail environment. In the future, CBDC is expected to become an alternative payment method.

As stated by the Assistant Governor at the Central Bank of Thailand, Vachira Arromdee, the pilot project is needed to assess the risks and ensure that the CBDC is beneficial and won’t undermine the state’s economic and financial stability. CBDC will be tested for conducting cash-like activities within a limited scale, such as accepting, converting, or paying for goods and services

Vachira Arromdee also assures that CBDC will not affect the country’s monetary policy in any way and will not change the ratio of the money supply within the state’s financial system.

According to the Channel News Asia portal, the Bank of Thailand (BoT) projects an uptrend in CBDC demand. CBDC is expected to become an alternative payment method substituting cash and e-money in the country.

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