- The regulator expects to attract more than 10,000 consumers to the initiative
- The CBDC account can be reloaded via an app from one of the three participating banks
- The test is mainly in Bangkok, where over 100 merchants have already offered the CBDC payment option
The Central Bank of Thailand launched a pilot retail digital currency project with three service providers yesterday, June 12. The regulator plans to involve more than 10,000 consumers in the initiative to test the potential of e-THB and possible pitfalls.
The Bangkok Post reports this, citing its sources. According to available information, the pilot phase will last at least until the end of August this year in a controlled regulatory sandbox.</nbsp;
The following financial counterparties are taking part in the project: Bank of Ayudhya, Siam Commercial Bank and 2C2P Thailand. However, the central bank does not exclude the possibility of other banks’ participation.
The Bank of Ayudhya’s unit called Krungsri already offers the opportunity to test the digital baht in practice. The company has invited its employees and about 100 vendors in Bangkok to participate in the initiative.
The CBDC account is available through mobile apps from service providers. The funds can be deposited in fiat and then simply converted into digital baht at an exchange rate of 1:1.
The Central Bank of Thailand has not yet made a final decision on the launch of CBDC.. But the regulator will consider this possibility if the solution proves to be in demand.
We previously reported on a curious case in Thailand. The prime ministerial candidate has promised to give $300 in cryptocurrency to every citizen of the country if he wins the election.