Thailand has stated that its CBDC testing has been pushed back many months until the fourth quarter of next year. According to a statement from the Bank of Thailand, the scheduled testing was expected to go live in the second quarter but has now been pushed back. In a story that confirmed the postponement, Reuters stated that the nation was considering the establishment of its own CBDC, which may potentially compete with real currency when fully launched.
The Bank of Thailand claims to be concentrating on efficiency
The Bank of Thailand refused to give a particular explanation for moving the pilot date ahead in a statement obtained by Reuters. However, all signs indicate that the nation did not reach one of the goals set for the debut of the digital currency. The premier bank plans to use the CBDC to facilitate transactions between persons from various professions who provide goods and services for trade.
The Bank of Thailand stated during the previously designated testing phase that it has already consulted numerous companies that will work with them for the testing. In addition, the bank stated that the testing would be conducted both online and offline to onboard every resident. Kasidit Tansanguan, deputy director of the Bank of Thailand, gave a brief overview of the progress, saying that the bank’s mission is to assure efficiency. Therefore, this will happen after a round table discussion with diverse people.
CBDCs are being encouraged to grow by banks
The CBDC era began after the world was cut off from currency payments due to the coronavirus epidemic. People who were stranded at home could only conduct business via the internet. Most countries have introduced or are presently trying CBDCs to help restrict cash usage. Even though there have been challenges with the CBDC, Nigeria is one of the few countries where it has gone live.
China has continued to test CBDCs, with an official launch date approaching. However, although banks are pushing the development of CBDC, they have been wary of cryptocurrency. The Bank of Thailand, for example, recently stated that the CBDC will not compete with digital assets but will instead assist individuals in making transactions using an online version of its real cash.