The Bank of Thailand (BOT) announced its plans for a Central Bank Digital Currency (CBDC) prototype to be in effect by 2021. The BOT asserts that with a digital payment system in place, this would make transactions more efficient and secure. The BOT plans to begin the production of their prototype for a CBDC next month. After having successfully launched Project Inthanon-LionRock with the Hong Kong Monetary Authority (HKMA) in January 2020, the BOT has expanded their financial ambitions by developing a CBDC for businesses. This would enable businesses to conduct fund transfers faster and with higher efficiency, whether it be for domestic or cross-border trade purposes.
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