Countries across the world have been actively trying to develop their Central Bank Digital Currency (CBDC) with leading powers like China, Russia and others planning to unveil their own digital currencies. It is not surprising that Thailand has also chosen to join this rising trend.
The Thailand government has been working to ease the economy of the Asian nation, and their latest effort is a retail oriented digital currency that would be geared towards helping the country’s economy grow faster.
The central bank of Thailand announced this Friday that it could take the digital currency 3-5 years to be fully integrated into the financial landscape, but in the mean time, they will be seeking feedback from the general public on retail CBDC by June 15 of this year.
Furthermore, the assistant governor of the central bank of Thailand, Vachira Arromdee, made a statement on the CBDC, explaining that the bank will actually start trying out the digital currency in the second quarter of 2022, as they would like to consider all possible angles before committing the nation’s finances to anything.
Thailand’s central bank isn’t unprepared either, having already built a prototype interbank transfer system called Project Inthanon. However the retail CBDC isn’t quite as simple, serving as a means of trusted payments at retail level, means use by Thai family’s and simple households, which makes the integration more difficult.
A retail CBDC, would however, be a positive development for the Thai economy. One that promises to bring financial stability and safe transactions for the general populace and the mega corporations alike.