Thailand central bank partners with payment providers for retail CBDC pilot

Thailand’s central bank will continue with its retail central bank digital currency (CBDC) development this month. The project (delayed from 2022) will enlist nearby businesses and bank employees for the test. Local media reveals payment service providers 2C2P, Siam Commercial Bank, and Krungsri will participate.

🌟 The Bank of Thailand will launch a retail central bank digital currency (CBDC) pilot project in a regulatory sandbox this month. Three payment providers will take part, according to local media. The project will involve up to 10,000 users and run through August.#BTC pic.twitter.com/7qWA763RWL

— ⚡Bitcoin Radar News⚡ (@BitcoinRadar_) June 13, 2023

Thailand works with payment providers for the CBDC project

Central banks have been exploring digital currencies. Thai central bank collaborates with Singapore-based payments provider 2C2P, Bank or Ayudhya (Krungsri), and Siam Commercial Bank to proceed with its CBDC project. These organizations will access an app designed for selected users.

Krungsri Innovate (a venture capital branch under Krungsri) managing director Sam Tanskul stated that the testing within a regulatory sandbox would happen between June and August this year. Meanwhile, 100 merchants near Krungsri’s head office will test the CBDC. The bank expects participants to soar to 2,000.

Sam added that staff members should install a banking app to participate in its CBDC pilot. They will then fund wallets before converting the money to digital cash (digital baht) and scanning a QR code to pay for services & goods at partaking stores.

Thailand is working on a digital ID system that sources believe will link to retail CBDC wallets. Nonetheless, that could mean only Thai nationals will use the digital currency – not foreigners. Also, the latest general election saw most Thai citizens voting for pro-crypto parties.