Thailand Not in a Hurry to Launch a CBDC (Report)

Thai authorities are apparently not hurrying to implement a central bank digital currency aimed at consumers (CBDC). The Governor of the Bank of Thailand explained that Thailand has a variety of alternative payment alternatives. The Need to roll out a CBDC is not That High Thailand is one of the countries that has expressed interest in establishing a CBDC. The central bank of the country has stated that it will evaluate how the financial product interacts with local firms in 2020. Furthermore, Assistant Governor Vachira Arromdee of the Bank of Thailand stated that the institution intends to make the CBDC available to the general public. The authorities announced their desire to utilize the national digital currency as an alternative to cash at the end of last year. The goal was to pass various experiments, which were rescheduled for the end of 2022. According to a recent local article, Thailand’s central bank governor, Sethaput Suthiwartnarueput, is pleased with the current retail banking network. “The necessity to roll out a CBDC is not that high,” he asserted. The bank’s plans to conduct trials on the financial product in Q4 2022, according to the official. The project will be backed by financial institutions and private individuals who will make withdrawals, deposits, and fund transfers. Domestic investors who trade digital assets through registered platforms will be eligible for a 7% VAT exemption on their transactions, ac...