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The Bank of Thailand said it will begin testing its CBDC in retail later this year. It plans to test the currency for paying for goods and services involving 10,000 retail users and 3 companies.

The Bank of Thailand announced on August 5 that it will begin testing its central bank digital currency (CBDC) later this year. The Bank of Thailand said in a press release that testing will take place later this year to mid-2023 and that it “recognizes the importance of CBDC as a new type of financial infrastructure.”

As such, the bank sees a need to expand the scope of the CBDC experimentation to a pilot phase, “where the practical application of retail CBDC will take place on a limited scale in partnership with the private sector.” This is a significant advance in application, indicating that the Countries are keen to take advantage of the technology.

will have The pilot will focus on two priorities, which the bank calls the foundational track and the innovation track. The first focuses on the efficiency and security of CBDC-enabled technologies. Activities that fall into this category are payments for goods and services, for which 10,000 retail users and 3 companies were selected.

The innovation track focuses on programmability, “which will facilitate the development of innovative use cases for CBDCs that provide new financial services to a wide range of customers.” Both the private and public sectors will be able to participate in the hackathon, with selected participants and teams to Get guidance.

Thailand Warming Up Crypto

Thailand’s stance on cryptocurrencies is somewhat wavering. In April 2022, there was some discussion about new regulations that would stifle the crypto market in the country. Increased regulatory activity has also caused Thailand’s oldest bank to stall in its decision to buy the exchange.

Meanwhile, the Bank of Thailand is in no rush to deploy a CBDC. The head of the bank said there were enough alternative payment methods. The crypto transaction tax has also been delayed until 2024.

CBDC experimentation is the main priority

Aside from regulation, CBDC has become the most important topic between governments and regulators. Almost all major countries are now working on CBDCs, and many have begun pilot programs.

Countries are now well aware of the benefits of the technology and want to use it for domestic and international transactions. Most of these countries also appear to allow cryptocurrencies to coexist with digital versions of national currencies.

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