According to a new report, The Bank of Thailand (BoT) plans to start piloting its retail CBDC in the second quarter of 2020.
The assistant governor of the bank announced on Friday that public feedback regarding its retail CBDC is open until the 15th of June of this year.
BoT has declared that the main objective of this currency is to offer citizens access to financial services that are both more convenient and more secure. The bank also has plans to fully implement this currency somewhere between the next 3 – 5 years.
The CBDCs will have the role of offering access to convenient and secure financial services and, “it will not affect the Thai financial system,” declared the assistant governor of the financial markets operations group for BoT, Vachira Arromdee.
The previous month, BoT announced it would start issuing regulations on asset-backed stablecoins in 2021.