Several central banks, including Thailand’s, have been creating retail CBDCs but have yet to completely deploy them, according to an article in the Bangkok Post. According to BOT Governor Sethaput Suthiwartnarueput, reported by the newspaper, retail CBDC development will take more than five years until market opening.
On Friday, the bank’s chief executive stated that the bank wants further to understand the benefits and hazards of the retail CBDC, particularly whether there are any extra benefits related to Promptpay, the country’s digital payment system.
The governor stated that the central bank has yet to witness such. Sethaput also stated that a digital currency would eventually revolutionize the country’s financial structure and benefit everyone.
The Bank of Thailand is working with three financial institutions and 10,000 retail customers to perform small-scale tests of its digital money in real-world applications.
During the trial phase, which is set to begin at the end of this year, the CBDC will be used for cash-like payments for products and services as part of the pilot project. The BOT is also investigating new financial services and unique use cases.
In parallel, Thailand’s central bank, along with the Monetary Authority of Hong Kong, the Central Bank of the United Arab Emirates, the People’s Bank of China, and the Bank of International Settlements, has been working on the development of a wholesale digital currency as a participant in the mBridge project.
The CBDC distributed ledger technology enables cross-border payments using state-issued digital currencies. The first pilot of the project has already been completed by the organization.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
The VanEck Pyth ETN, backed by assets stored in cold storage with Bank Frick, has…
Swift, UBS Asset Management, and Chainlink have completed a proof-of-concept that would settle tokenized fund…
Abu Dhabi, United Arab Emirates, 5th November 2024, Chainwire
According to data from SolanaFloor, Jito and Solana's 24-hour protocol fee income has surpassed Ethereum's…
As the crypto market is about to witness the next big Bitcoin surge, Rexas Finance,…
In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…
This website uses cookies.