BANGKOK (NNT) – The Bank of Thailand (BoT) will launch the Retail Central Bank Digital Currency (CBDC) by the second quarter next year to provide Thais with access to more convenient and secure financial services.
BoT assistant governor Vachira Arromdee said the development of a Retail CBDC will support a technology-led future that is efficient and cost-effective, contributing to the development of more diverse and innovative financial services.
She said a retail CBDC could serve as a trusted and safe means of payment accessible by Thai households and business alike, existing alongside cash and other payment instruments.
According to Ms. Vachira, retail CBDC is a digital form of money issued by the central bank comparable to physical banknotes and can be used in financial transactions both online and offline. As a reliable payment infrastructure, it could help safeguard the stability of the Thai financial and monetary system in a new financial landscape.