Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Advertisement

Business

Thai central bank to test retail digital currency late this year

Thai central bank to test retail digital currency late this year

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

BANGKOK: Thailand's central bank said on Friday (Aug 5) it expected to test its retail digital currency from late this year to the middle of 2023, as an alternative payment option.

During the testing, the retail central bank digital currency (CBDC) will be used in conducting cash-like transactions, like paying for goods and services, within limited areas and among about 10,000 retail users, the Bank of Thailand (BOT) said in a statement.

The BOT will assess the benefits and risks from the pilot project to formulate related policies and improve designs, it said.

At present, the BOT has no plans to formally issue its retail CBDC, it said.

A retail CBDC is a digital form of money issued by a central bank comparable to physical banknotes. It can be used in financial transactions both online and offline.

The BOT, however, has said it does not support the use of digital assets, such as bitcoin and ether, as payment for goods and services due to associated risks.

Source: Reuters/gs

Advertisement

Also worth reading

Advertisement