By the end of the year, the Bank of Thailand (BOT) intends to start a pilot study of a retail central bank digital currency (CBDC) in order to weigh the advantages and disadvantages of creating policies and constructing a digital currency.
The real-life pilot study, in limited cooperation with the private sector, will extend the scope of the central bank’s previous CBDC developmental programs, it said in a news release on Friday.
The BOT was “among the first central banks to recognize CBDC as a novel financial infrastructure, with the potential to increase opportunities for business and the general public to have more convenient and greater access to diverse financial services with lower costs,” it said.
The pilot program will be split into two parts: an innovation track to promote the creation of new financial services, and a foundation track to evaluate the system’s design using around 10,000 users paying for goods and services provided by three different companies.
Thailand central bank urged the public to beware of frauds and scams
Nevertheless, the Thai central bank urged the public to beware of frauds and scams claiming to be offering retail CBDC investments or services at this time and stated that it has no current intentions to issue a retail CBDC because it necessitates “thorough examination” of the dangers and rewards.
A retail CBDC may be fully implemented in the upcoming three to five years, according to Thailand’s statement from the previous year.
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