Digital currency in Thailand: Bank of Thailand launches pilot project

Цифровая валюта Таиланда: Банк Таиланда запускает пилотный проект

The Bank of Thailand started a pilot project testing its payment system CBDC with the largest supplier in the field of building materials.

The Bank of Thailand has announced that it plans to develop a prototype to test real use cases of digital currency Central Bank (CBDC) business. This writes Cointelegraph.

In its official statement the Bank noted that before the launch of the payment system CBDC for all businesses he plans to test it at large enterprises.

They have partnered with the largest supplier of cement and building materials in Thailand, Siam Cement Group (SCG) and fintehnology local company Digital Ventures Company Limited for the pilot test its payment system.

The beginning of the project scheduled for July 2020, and a pilot test at the SCG will be completed by the end of this year. Thanks to the CBDC payments, the Bank seeks to create a more efficient payment system with increased flexibility for transfers of funds and fast calculation of payments among providers.

After the pilot project, the Bank of Thailand to assess the feasibility of the system and method easy integration of CBDC payments on other business platforms.

The Bank said it will build a prototype of a payment CBDC based on the experience Intathon Project – a joint project of the wholesale payments CBDC conducted by the Bank of Thailand and

eight other financial institutions, which was completed in January.

Source: screenshot YouTube

Countries considering the potential CBDC

China remains the leader among a number of countries that are experimenting with the development of the CBDC. Although so far there are only rumors about when China will deploy its digital yuan, the country has consistently emphasized the importance of CBDC and increases the process of its development.

Only recently the Bank of Canada has published the vacancy “project Manager CBDC” and it indicates that Canada fell in the space of digital currencies and the Central Bank. The Bank of France last month successfully tested a digital euros.

As he wrote Coinews during the last month of the Chinese Alipay payment platform has published a number of patents relating to planned in China, the digital currency (CBDC), digital yuan, and reveal more details to it.

The portal Coinews informed that the American think tank that works on the project Digital Dollar, has published a white paper, which details describes the General provisions, purpose and use of digital currency by the Central Bank.

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