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Thailand’s central bank postpones the CBDC pilot until the end of 2022

                                                            Die Bank of Thailand (BOT) hat bekannt gegeben, dass sie die Testphase ihrer digitalen Zentralbankwährung (CBDC) bis Ende 2022 verschieben wird.

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Thailand postpones CBDC test

Reported on the shift, Reuters noted that Thailand plans to use the national digital currency as an alternative payment option to cash.

Although the central bank has not disclosed the reason for the delay, it nonetheless intends to use the pilot to evaluate the use of a CDBC to complement cash transactions with limited capabilities.

In the pilot phase, some financial institutions and around 10,000 users will test the digital currency for online and offline transactions such as deposits, withdrawals and transfers.

Regarding the development, the deputy director of the BOT, Kasidit Tansanguan, said that after consultation with relevant partners, work would slowly be done to ensure efficiency.

“Thailand can still take a step-by-step step in the retail CBDC to ensure efficiency and prudence as it has a problem with money transfers or payments like some other countries,” he added.

CBDC to reduce cash addiction

In light of the digitization of the world, especially in the age of COVID, central banks around the world are trying to reduce their over-reliance on cash.

Some countries have already started using CBDC while others are still in the testing phase to see how it works. However, central banks have determined that CBDC will only complement, not replace, cash.

While nations like Nigeria and the Bahamas have started using CBDC, others, including China and Ghana, are already piloting implementation.

Banks support CBDC, not crypto

As central banks increasingly accept the idea of ​​introducing a national digital currency, they are still expressing their opposition and distrust of it Cryptocurrencies out.

Tansanguan noted that BOT intends to use its CBDC to cut financial costs and not compete with crypto assets or stablecoins.

Earlier this month, the Bank of Thailand warned local banks and financial institutions not to trade digital assets, adding that it does not support the use of cryptocurrencies as a medium of exchange for goods and services.

In another report, the Indonesian central bank announced plans to launch a CBDC to combat cryptocurrencies like Bitcoin and . on Ethereum.

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Source: Crypto News Deutsch

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