The Central Bank of Thailand is the next big player in the race for a central bank digital currency (CBDC). Vachira Arromdee, the assistant governor, announced on Friday that the central bank will commence the testing stage as soon as the 2022 second quarter hits.
The governor detailed that the current plan predicts that the Bank of Thailand (BoT) will be integrating the CBDC in the next three to five years. The digital currency will be available for use to the general public.
Bank of Thailand governor Sethaput Suthiwartnarueput commented on the move, stating that “It would ( a retail CBDC) also lay the groundwork for a safe payment infrastructure, building the foundation for interoperability and collaboration with the private sector to drive financial innovation.”
CBDC, as defined by the Thai government, is still comparable to all physical banknotes, even if the very essence of a CBDC is digital. Still, the CBDC can be used for both online and offline purchases and sales.
The Thai bank has recently published a paper called ‘The Way Forward for Retail Central Bank Digital Currency in Thailand’ that is 59 pages long. Public feed bak will be sought until the 15th of June.
Meanwhile, China remains the only country with significant progress behind its CBDC project. Currently, the country is in the final stage of the CBDC pilot project.