Bank of Thailand Delayed Timeline to Test CBDCs

Bank of Thailand on Friday said it has delayed it plan to test central bank digital currency (CBDC) for the public in 2022.

The project was previously planned to test on second quarter of 2022 in order to test the use of CBDC in cash like activities at limited scale, deputy central bank director Kasidit Tansanguan said at a news conference.

The pilot project will involve transactions such as deposits, withdrawal and fund transfers by financial institutions and around 10,000 users.

Kasidit added, after discussion with relevant parties and careful consideration Thailand will proceed slowly.

“Thailand can still take a gradual step in the retail CBDC to ensure efficiency and prudence as it does have a problem with fund transfers or payments as some other countries,” he said.