Thai news outlets reported a future extension of the Bank of Thailand’s (BOT) central bank digital currency (CBDC) testing work to retailers. As we previously reported, the central bank has tested cross border payments with the Hong Kong Monetary Authority and has started its current phase of testing corporate payments. According to the Bangkok Post, the assistant governor of the BOT, Vachira Arromdee, said it plans to test the digital Baht with retailers next year.
Last month the Bank announced plans for testing business to business payments with the Siam Cement procurement solution. This is the third phase of its Project Inthanon trials and today’s report says the test involves eight banks.
Generally, CBDC is divided into wholesale, limited to financial institutions, and retail is everyone else. After initially trialing a wholesale currency, the BOT has adopted a sensible approach of first testing a retail CBDC for the corporate sector, before exploring a broader reach to consumers via retailers.
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