Bank of Thailand announces trials of digital baht

In the middle of last year, the Central Bank of Thailand announced its intention to start testing a digital currency (CBDC) within the next 12 months.

This week, the regulator announced that testing of the digital version of the baht will start in June. It will last until August 2023. It will be attended by Singapore-based fintech startup 2C2P and two commercial banks in Thailand.

Retail participants in the trials of the token will have access to a mobile application for transactions using a QR code.

In addition, the Central Bank expects to involve suppliers of goods and services in testing the digital baht. At the same time, the regulator has not yet made a final decision on the launch of CBDC.

It will analyze the test results of the token. Only after that, the Bank of Thailand will announce the integration of an innovative instrument into the financial system of the state, or vice versa, will announce the termination of further developments under the CBDC project.