Connect with us

Economy

Bank of Thailand plans real-world test of digital currency in 2022

Published

 on 

FILE PHOTO: The Bank of Thailand will conduct real-world tests of digital currency.

The Bank of Thailand recently announced plans to do some real-world testing of digital currency in the near future as the popularity of cryptocurrency continues to grow. They plan to test their Central Bank Digital Currency in a real-world environment sometime in the second quarter of 2022.

The BOT has been studying the CBDC since 2018 and is aware that the future of Thailand’s digital currency would greatly benefit from its adoption, according to the Deputy Governor of the bank. As such, they plan on doing a limited real-world test of the CBDC in order to observe how it is used in real-life transactions and payments for services and goods.

The plan is to involve businesses and developers in the testing, though the exact details for how the test will be conducted including the criteria for business and consumer participants as well as the participation model has yet to be determined but will be nailed down before the potential trial run in the second quarter of next year.

The president of Siam Commercial Bank sees a much broader use for a digital money system that is created as a collaboration between the public and private sectors. He believes that such a digital currency system could easily go well beyond handling payments and become a standard for international money wiring as well as lending.

The move towards digital finance has been gaining momentum globally and, at the International Monetary Fund, the Deputy Director of the Monetary and Capital Markets Department expressed support for countries around the world to be involved in designing and regulating the CBDC in order to create a global financial system that is robust but also stable with a dependable currency value.

This would be a contrast to the privately issued cryptocurrencies that are often criticized for their wild volatility. Bitcoin, for example, recently hit an all-time high peaking at just under US $67,000 on Wednesday but has since fallen 10% to around $60,000 as of this writing. In April, it was in the mid $60,000s before a halving in May where it hovered in the $30,000 range, briefly dipping to $29,000 in July before slowly recovering.

SOURCE: National News Bureau of Thailand

 

Get more from The Thaiger

Neill is a journalist from the United States with 10+ years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

Follow Thaiger by email:

Environment4 hours ago

Sea turtle choked to death on plastic waste

Thailand4 hours ago

Thailand News Today | Big Feast For Monkeys At Lopburi Festival

South4 hours ago

Buddhists and Muslims rally for peace together in South Thailand

Sponsored12 hours ago

What makes Tops Fine Food the ideal place to shop for premium food in Bangkok

Thailand4 hours ago

Cowardly rapist arrested for a fifth time in Isaan

Songkhla5 hours ago

Russian crewman’s hand cut off in Songkhla ship accident

Transport6 hours ago

Cat out of the bag – Stowaway found in JFK passenger’s luggage

Join the conversation on the Thaiger Talk forums today!
Thailand6 hours ago

Murderer offers 100,000 baht to netizens to cut off his EM ankle bracelet

World Cup6 hours ago

Football fans riot in Brussels after Belgium defeat

Tourism6 hours ago

TAT holds Amazing Thailand Fest 2022 in India

Phuket7 hours ago

Gus, 7, youngest Thai person to reach Everest Base Camp

Expats7 hours ago

New direct flight between Muscat and Bangkok

Bangkok7 hours ago

Elderly Australian amputee abandoned in a hostel receiving care

Crime7 hours ago

Man arrested in South Thailand for attempted murder in Phuket

Thailand7 hours ago

Pattaya motorcycle taxi rider arrested for sexually harassing Thai singer

Cosmetic Surgery8 hours ago

Boobs ban! Macro-textured implants outlawed in Thailand

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending