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Thailand will attract private companies to test the state digital currency

The Central Bank of Thailand intends to test its own digital currency at the end of 2022. Both private companies and public organizations will take part in the test.

The Bank of Thailand (BOT) will accelerate the development of its own digital currency (CBDC), including for retail. This will happen before the launch of the pilot version of the currency at the end of 2022. It is reported that the application of retail digital currency will first be carried out between commercial companies on a limited scale:

“BOT will evaluate the benefits and risks of the pilot project in order to formulate appropriate policies and improve the design of the digital currency in the future.”

The pilot project will be carried out in two stages. At the first stage, called the Foundation track, the currency will be tested in transactions where cash is usually used, that is, when paying for goods and services. At this stage, there will be only 10,000 participants. Three companies will take part in the experiment – Siam Commercial Bank, Bank of Ayudhya and 2C2P. Tests should begin at the end of 2022 and last until mid-2023.

The second stage was called the Innovation track. The central bank assured that the private sector and the public will have the opportunity to present their options for using the currency for retail at the central bank digital currency forum, which will be held from August 5 to September 12, 2022. Selected participants will receive support from experienced companies.

Earlier, the Thai authorities announced that the state will provide benefits for the payment of value-added tax for transactions with digital assets until December 31, 2023.

Source: Bits

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