On Monday, the Bank of Thailand released a 29-page report about its latest central bank digital currency (CBDC) trials. It developed a proof of concept (PoC) to enable corporates to use a digital baht for payments which integrated with the highly successful procure-to-pay solution (B2P) from the Siam Cement Group (SCG). The conclusion was that overall the experiment proved the potential benefits, but that performance is a concern and the technology is not ready for live production.
As a next step, the central bank plans to explore a more consumer-focused CBDC in 2021 and 2022.
The corporate payments PoC involved Siam Commercial Bank subsidiary Digital Ventures (DV), which was involved in the original development of the SCG procure to pay (B2P) solution. Ethereum development house ConsenSys provided technical support for the CBDC solution, which used the Hyperledger Besu enterprise blockchain.
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