Bank of Thailand: Plan to set retail trial phase of central bank digital currency

[Bank of Thailand: plans to set the retail trial stage of central bank digital currency] On August 5th, the Bank of Thailand (BOT) announced that it would expand the development scope of retail CBDC to the trial stage, and cooperate with the private sector on a limited scale to carry out retail CBDC development. practical application. The BOT will assess the benefits and associated risks of the pilot in order to formulate relevant policies and improve the design of future CBDCs.

Other news:

Central Bank of Thailand to Launch CBDC Pilot: On October 29, the Bank of Thailand (BoT) is continuing to develop CBDC and stated that it plans to have more time to research and develop its central bank digital currency. It is reported that the Bank of Thailand is cooperating with two commercial banks (Siam Commercial Bank and Ayutthaya Bank) to conduct a CBDC pilot, and about 10,000 retail users will test the digital currency. The pilot will start at the end of this year and run until mid-2023.

As previously reported, the Hong Kong Monetary Authority, together with the Hong Kong Center of the Bank for International Settlements Innovation Hub (Innovation Hub), the Central Bank of Thailand, the Digital Currency Research Institute of the People's Bank of China and the Central Bank of the United Arab Emirates, released a joint project entitled "Project mBridge: Connecting economies through CBDC” report, explaining the trial results and gains of the mBridge project. [2022/10/29 11:56:17]

The Bank of Thailand will issue a digital asset regulatory consultation document in January next year: According to news on December 15, the Bank of Thailand (BoT) plans to propose comprehensive legislative proposals for the digital asset industry in January next year. These rules are designed to reduce risk in financial networks and provide better protection for investors.

Bank of Thailand Governor Sethaput Suthiwartnarueput said in a recent interview with the Bangkok Post that the institution will release a consultation paper on the “financial outlook” in January 2022. The document will draw red lines for those dealing with bitcoin and altcoins.

Despite the growing interest in digital currencies, investing in digital currencies carries certain risks. That's why the proposed rules will seek to provide better protections for those involved in this asset class.

The Bank of Thailand will work with the National Securities and Exchange Commission and the Ministry of Finance. The goal of the three ministries is to ban digital assets as a means of payment within the country. Suthiwartnarueput also warned that while digital assets have the potential to prosper in the monetary system, they are currently highly volatile. (Cryptopotato) [2021/12/15 7:40:43]

Central Bank of Thailand CBDC project staff: The central bank is paying attention to the latest developments in the DeFi industry: Vijak Sethaput, a senior developer of the Central Bank of Thailand CBDC project, said in an interview recently that the central bank is paying attention to the latest developments in the DeFi industry. However, when trying to introduce new technologies into Thailand Before cryptocurrencies, central banks had to address two major concerns about DeFi — customer identity and privacy. Sethaput also said that smart contract deployment is the focus of the next phase of the Inthanon project.

Note: In June of this year, the Central Bank of Thailand announced a project to develop a prototype of a commercial decentralized payment system. The prototype of the central bank’s CBDC will be based on the Inthanon project, a distributed ledger project initiated by the central bank in cooperation with the country’s eight major commercial banks. (Cointelegraph) [2020/8/14]