Thailand postpones its CBDCs pilot program by the end of 2022

The central bank of Thailand shifted the plan of CBDCs pilot program to the end of 2022. 

In the present time the majority of the dominating Central banks are doing their development and research work in the Central Bank Digital Currency (CBDCs). China became the first in this world to bring its Chinese CBDCs, digital Yuan, or e-CNY, however with the launching of Chinese CBDCs, China banned the whole crypto industry-based operations from the country. Through the CBDCs, every Central Bank wants to represent their payment & financial system as much influential over other central banks. 

Thailand is also one of the countries in the world, which is doing its development work in CBDCs. Reportedly, it was expected that the Central Bank of Thailand will introduce its CBDCs in the first to the second quarter of 2022 to bring the use for retail and business payments. 

But the latest report confirmed that Thailand’s Central Bank will not take any decision fastly. And they will test the use of CBDCs at a small level with proper clarity.

According to the published report of Reuters, Thailand will start its CBDCs for retail users at the end of 2022, which was expected in mid of next year. 

Thai Central Bank is looking to create a digital framework and network with blockchain innovation to make the payment system much better. Thai will start its first retail pilot program of CBDCs soon with a limited number of users, around 10 thousand users only. This testing phase will include the small payment systems and cash out the money. 

Kasidit Tansanguan, the deputy director at the Thai bank, said that we will not make a decision too quickly. Further, he explained:

“Thailand can still take a gradual step in the retail CBDC to ensure efficiency and prudence as it does have a problem with fund transfers or payments as some other countries.”

Reports also confirmed that CBDCs of Thailand is an initiative to advance the traditional payment system of Thailand. And it will not put any negative impact on the crypto industry or stablecoins market.

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