Thailand will need more time for its CBDC

The Central Bank of Thailand (BOT) assured that it has no intention of rushing the launch of its own digital currency, CBDC, so it will take more time than expected to study this possibility and determine the benefits it would bring to the economy.

The local regulator aims to guarantee a version of the national fiat, with additional benefits to the Thai financial system under correct risk management.

Retail CBDC development is expected to take more than five years before market launch, according to BoT Governor Sethaput Suthiwartnarueput, quoted by the Bangkok Post.

Last week, the top executive explained that the bank wants to better understand the benefits and risks of retail CBDC and, in particular, whether there are additional benefits with respect to Promptpay, the nation’s digital payment system. The central bank hasn’t seen that yet, the governor said. Sethaput also emphasized that a digital currency should ultimately change the country’s financial system and benefit everyone.

K. Tovar

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Source: Diariobitcoin