Thai central bank to test retail baht digital currency next year – Reuters


BANGKOK, April 2 (Reuters) – Thailand’s central bank will begin testing use of its retail digital currency for the general public in the second quarter of next year before fully implementing it over the next 3-5 years, an assistant governor said on Friday.

The retail central bank digital currency (retail CBDC) is aimed at providing access to convenient and secure financial services, Vachira Arromdee told a briefing.

“It will not affect the Thai financial system,” she added.

The Bank of Thailand is seeking public opinions by June before developing the digital currency, she said. (bit.ly/3fwELEt)

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.

Reporting by Kitiphong Thaichareon Writing by Orathai Sriring; Editing by Martin Petty



READ SOURCE

READ  Bank of Russia Fields Banking Industry Concerns Over Digital Ruble Proposal - CoinDesk - CoinDesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here