The Central Bank of Thailand enters a new phase of development of its CBDC

Jul 28 2020
Yosh

The Bank of Thailand, or BOT, reportedly deployed its CBDC, and has been using the digital currency for financial transactions with some large companies, according to the local English-language newspaper The Nation on July 16.

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Thailand to launch CBDC testing with the Hong Kong Central Bank in September
The bank is in the third phase of development of the digital baht and plans to expand into more activities, BOT Assistant Governor Vachira Arromdee said Wednesday.

According to the report, the BOT is planning to introduce the digital currency for transactions with Hong Kong’s central bank, the Hong Kong Monetary Authority, in September 2020.

The institution is also planning to expand the use of the digital baht to the general public to reduce the cost of financial transactions, Vachira said. However, a comprehensive study needs to be conducted first to prevent possible negative impacts on commercial banks, the executive said.

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Bank of Thailand wants to follow the experience of the CBDC in China
Vachira cited the experience of China’s CBDC, stating that the public deployment of the digital yuan would not have affected the country’s financial system so far.

As reported, the BOT officially launched a pilot project to test its Crypto Cash payment system in June 2020. In announcing the news, the bank said that before deploying the system to all businesses, it was necessary to test the digital currency with large-scale enterprises.

Cointelegraph approached the BOT for more information on the current state of development of the CBDC. This article will be updated pending any new information.

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China has been actively advancing its CBDC project so far. On July 15, it was reported that the People’s Bank of China was planning possible tests of the digital yuan on the Meituan Dianping food delivery platform with 435 million users. In early July, local e-commerce giant Meituan and video sharing website Bilibilibili reportedly joined China’s digital yuan project.