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Bank of Thailand to test digital currency payment option for public

bank-of-thailand-to-test-digital-currency-payment-option-for-public
t 11 Bank of Thailand aims digital currency as an alternative payment option for public next year
BoT assistant governor Vachira Arromdee said the central bank digital currency (CBDC) will not affect monetary policy or money supply in the system while the pilot project will evaluate the use of the CBDC in cash transactions on a limited scale, such as accepting, converting or paying for goods and services.

The Bank of Thailand (BoT) plans to test its retail digital currency in the second quarter of 2022 as an alternative payment option for the public

BoT assistant governor Vachira Arromdee said the central bank digital currency (CBDC) will not affect monetary policy or money supply in the system. The pilot project will evaluate the use of the CBDC in cash transactions on a limited scale, such as accepting, converting or paying for goods and services.

According to the bank’s statement, the BoT predicts demand for the CBDC will gradually increase and that it could become an alternative payment option, partially replacing cash and e-money.

The BoT said the central bank will assess results and risks identified in the test, to ensure that the CBDC is beneficial to all and does not undermine economic and financial stability in the future. (NNT)



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