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Thai Central Bank to postpone the CBDC test until late 2022
The Bank of Thailand will postpone its central bank digital currency (CBDC) test from the second quarter until late next year according to the reports by Reuters.
In August, the bank's Assistant Governor Vachira Arromdee announced that the retail CBDC would be evaluated as an alternative payment option for “cash-like activities on a limited scale”, such as paying for goods and services. She also said that CBDC wouldn't affect monetary policy or money supply in the system. With increased demand, a CBDC could become an alternate payment method in the future as a partial substitute for cash and e-money.
The CBDC will be dispersed to the general public through intermediaries such as financial institutions. There will also be restrictions or limits on the quantity of CBDC that can be kept.
The Bank of Thailand Deputy Director, Kasidit Tansanguan, stated that Thailand will take it slowly and cautiously when testing the digital currency. "since it does have a difficulty with financial transfers or payments like some other nations.” The trial will test deposits, withdrawals, and transfers and will involve roughly 10,000 users.