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.
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