Today the Bank of Thailand confirmed its previously announced plans to launch a retail central bank digital currency (CBDC) pilot this year. However, it reiterated that it has not committed to proceeding with a CBDC issuance.
The central bank completed testing a prototype using technology from central bank provider Giesecke+Devrient (G+D), and it is this technology that will be tested from the end of 2022 through to mid-2023. Additionally, the central bank opened applications for a hackathon to explore creative applications, inviting submissions by September 12.
The pilot plans to involve around 10,000 users within limited locations to use the digital baht to pay for goods and services. Participation will include two banks, Bank of Adyudhya and Siam Commercial Bank, and payments firm 2C2P Thailand. The central bank refers to this pilot as the Foundation track.
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