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The Thai central bank is entering a new phase in the development of its CBDC

Apparently the Bank of Thailand or BOT, used its CBDC and used digital currency for Financial transactions with some large companies, the local newspaper reported in English on July 16. The nation.

Thailand starts CBDC tests with Hong Kong Central Bank in September

The bank is in the third development phase of the digital baht and plans to expand to other activities, as the deputy governor of the BOT reported on Wednesday. Vachira Arromdee.

According to the message, BOT plans to introduce a digital currency for transactions with the Central Bank of Hong Kong, the Hong Kong Monetary Authorityin September 2020.

The Thai central bank is entering a new phase in the development of its CBDC
The Thai central bank is entering a new phase in the development of its CBDC

The institution is also considering expanding the use of the digital baht to the general public to lower the cost of financial transactions, said Vachira. However, a thorough study must first be carried out Prevent possible negative effects on commercial banks, the executive said.

The Bank of Thailand wants to follow the CBDC’s experience in China

Vachira cited and explained the CBDC experience in China Public use of the digital yuan has so far not affected the country’s financial system.

As reported BOT officially launched a pilot project to test its CBDC payment system in June 2020. When the news was released, the bank said that before the system was introduced, all companies, includingIt is necessary to test the digital currency in large companies.

Cointelegraph contacted the BOT to find out more about the current status of the CBDC. This article will be updated until new information is available.

China has been actively pursuing its CBDC project. On July 15, it was reported that the People’s Bank of China was planning to test the digital yuan on the Meituan Dianping food delivery platform with 435 million users. beginning of July Local e-commerce giant Meituan and video sharing website Bilibilibili have reportedly joined the China Digital Yuan project.

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