In addition to the central bank's wholesale digital currency (CBDC) projects and retail CBDC proof-of-concept testing with businesses, the Bank of Thailand (BOT) will expand the scope of retail CBDC development into a pilot phase. Any real-world application of “Retail CBDC” will take place within the private sector on a limited scale. As stated in the August 5th announcement on the official BOT website:
"THE BOT WILL EVALUATE THE BENEFITS AND ASSOCIATED RISKS ARISING FROM THE PILOT PROJECT IN ORDER TO FORMULATE RELATED POLICIES AND IMPROVE THE CBDC DESIGN IN THE FUTURE."
The pilot project is divided into two circuits. During the first of these, the “Foundation track”, CBDC will be tested in cash-like activities, i.e. paying for goods and services, within limited areas and within 10,000 retail users. Three companies, Bank of Ayudhya, Siam Commercial Bank and 2C2P, will participate in the experiment. Testing is expected to begin in late 2022 and last until mid-2023.
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