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The Bank of Thailand will launch a pilot project on possible use cases of CBDC

June 20, 2020

The Bank of Thailand also plans to introduce a central bank digital currency (CBDC): plans to develop a prototype to test possible use cases in the real world.

The bank said in an official statement that before the start of the CBDC payment system for all companies plans to test it with large companies.

You were connected to Thailand’s largest cement and building materials supplier, Siam Cement Group (SCG) and Fintech Digital Ventures Company Limited, based in Thailand to test the prototype of the payment system.

The Bank of Thailand will launch a pilot project on possible use cases of CBDCThe Bank of Thailand will launch a pilot project on possible use cases of CBDC

The project should start in July 2020 and the pilot trial with SCG ends at the end of this year. With the launch of CBDCs, The bank is looking for a more efficient payment system. with more flexibility for money transfers and a faster processing of payments between providers.

After the pilot, the Bank of Thailand will evaluate the viability of the system and a way to easily integrate CBDC payments into other trading platforms.

The bank said that will build the payment prototype with CBDC based on the experience of the intathon project, a collaborative CBDC payment project implemented by the Bank of Thailand and eight other financial institutions.

Major countries that analyze the potential of CBDCs

China remains at the top of the countries where a CBDC is developing. While there are still rumors of when China will launch its digital yuan, the country has continually emphasized the importance of digital currencies and accelerated its development process.

Recently the The Bank of Canada published a job offer titled “Project Manager, CBDC”. which means, that Canada has also entered the digital currency area from the central bank. The Bank of France also successfully tested a digital euro last month.