Thailand’s central bank to test retail digital currency later than planned According to Reuters

© Reuters. FILE PHOTO: Thailand’s central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS / Jorge Silva / File Photo

BANGKOK (Reuters) – Thailand’s central bank on Friday said it expects to test retail central bank digital currencies (CBDCs) to the public by the end of 2022, later than planned. plan, as an alternative payment option.

The pilot project, previously scheduled for the second quarter of 2022, will evaluate the use of CBDCs in cash-like operations on a limited scale, central bank deputy head Kasidit Tansanguan said in a press conference.

The project will involve transactions such as deposits, withdrawals and transfers of financial institutions and about 10,000 users.

Kasidit said that after discussions with stakeholders and careful consideration, Thailand will proceed gradually.

“Thailand can still take a step-by-step in the retail CBDC sector to ensure efficiency and prudence as the country has remittance or payment problems like some other countries,” he said.

Retail CBDCs are not meant to compete with cryptocurrencies or stablecoins but are aimed at reducing financing costs, he added.

A retail CBDC is a form of central bank-issued digital currency that is comparable to paper money. It can be used in financial transactions both online and offline.

However, the BOT said it does not support the use of digital assets, such as bitcoin and ether, to pay for goods and services due to risk.

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