The Central Bank of Thailand said it successfully completed a pilot program to test the digital Thai baht (CBDC) in October 2023, but the regulator is not yet ready to launch it.

The test involved 4,000 consumers, 140 merchants and technology firm Giesecke+Devrient, according to a Bank of Thailand report. Central Bank researchers were pleased with the results, concluding that a government-owned stablecoin would promote innovation in the payments sector.

In addition to testing peer-to-peer and retail payments, Thailand's CBDC pilot program has explored several payment features of the digital baht. One of them is the ability of parents to limit their children’s purchases and control their spending.

However, the central bank will not rush to launch its own digital currency, as there is no urgent need for this. The Bank of Thailand will open a regulatory sandbox for private programmable payments and asset tokenization. He will also continue to participate in the international mBridge project to test Central Bank digital currencies together with the Hong Kong Monetary Authority (HKMA).

Meanwhile, Thai authorities are increasing regulation of the crypto industry. Recently, the Securities and Exchange Commission of Thailand (SEC) tightened ICO regulations for token issuers to protect the rights of investors. The agency also promised to block all cryptocurrency exchanges that operate in the country without a license.