The Bank of Thailand revealed that it plans to allow virtual bank operations by 2025, supported by companies that make a living in the world of finance.

The publication of the “Consultation document on the framework for granting licenses to virtual banks” talks about the start of applications to be part of this category, which will begin at the end of 2023.

This action will allow virtual banks to act as financial service providers, focusing on increasing competition and driving economic growth in Thailand.

The Bank of Thailand will issue three different licenses to interested companies before 2024. There are at least 10 interested in granting permits, according to the report. Regulation and supervision of virtual banks will be the same as traditional commercial banks under licensing. In addition, qualified applicants will have to meet certain requirements.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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The Bank of Thailand (BOT) announced that it will soon take the development of its own CBDC to the pilot stage, which is scheduled to start at the end of 2022.

As detailed by the financial institution, the real application of this will take place within the private sector, and on a limited and controlled scale.

“The BOT will evaluate the benefits and associated risks of the pilot to formulate related policies and improve the design of the CBDC in the future,” reads part of the official BOT announcement.

This project consists of two phases; the first, a “Foundation Track” where it is planned to carry out tests with this currency in activities similar to cash as payment for goods and services, on a scale of 10,000 retail users.

The second, called “Innovation Track”, will be focused on the presentation of innovative use cases for CBDC, where both the private and public sectors will be able to present their own use cases for this.

K. Tovar

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Source: Cointelegraph

La entrada The Bank of Thailand will work on tests with CBDC apareció primero en Bitfinance.