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Central Bank of Thailand all set to conduct pilot Study for retail CBDC

On August 5, the Bank of Thailand announced in a press release that, it will be conducting a pilot study for retail CBDC (Central Bank Digital Currency) to analyze the risks and benefits of developing policies and digital currency by the end of this year.

Ms. Vachira Arromdee, Deputy Governor of the BOT said, The BOT was among the primary national banks to perceive CBDC as a clever monetary infrastructure, with the possibility to increase open doors for business and the overall population to have more convenient and higher access to different monetary services with lower costs.”

The real-life study with the partnering private sector will lay down the road for previous CBDC development programs.

Moreover, the Pilot program will be separated into two sectors, the first being a foundation track to access the system’s proficiency and safety while incorporating the technological design. During the foundation phase, it will select 3 banks and 10,000 retail users within an area to conduct activities like paying for goods and services.

The second phase would be the innovation track with the focus on the programmability of the CBDC which will facilitate the development of innovative use cases of CBDC.

As per the Thai Central bank, issuing a CBDC will require a thorough analysis of the risks and benefits of CBDC. This being said, they don’t have any current plans to issue CBDC.

Apart from this, BOT also cautioned the general public to be careful with frauds and scams claiming to give CBDC investment and services opportunities.

Moreover, Thailand also said the previous year that a retail CBDC might be completely carried out in the following three to five years.

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