The Bank of Thailand said the central bank digital currency pilot planned for the second-quarter 2022 will test its use a cash-like payment system.
- The central bank will test the CBDC for “cash-like activities within a limited scale,” such as paying for goods and services, Assistant Governor Vachira Arromdee said Thursday.
- A CBDC could become an alternative payment option in the future as a partial substitute for cash and e-money, with demand increasing over time.
- Involvement will be sought from the private sector and technology developers, with the Bank of Thailand deciding the criteria for participation.
- The bank said that the CBDC would be non-interest bearing and would be distributed to the general public by intermediaries like financial institutions. Conditions or limits on the amount of CBDC that can be held will also be established.
- Arromdee said in a news conference that a CBDC would not affect monetary policy or money supply in the system, according to a Reuters report.
Source: Coindesk
