Bank of Thailand (BOT) is about to join the list of countries adopting and supporting the use of digital currencies by its citizens. The Central BOT Governor stated that the currency aims to be an alternate way of making and processing payments by its citizen. Launching Thailand CBDC (Central Bank Digital Currency) is a move to improve the nation’s economy.
Bank of Thailand to Test It CBDC With 10,000 Retail Users
The development, creation, and launching of CBDC come with many processes, tests, and evaluations that must be followed to avoid hitched and bugs. The Central bank of Thailand Governor, Sethaput Suthiwartnarueput, stated that before the release and launch of the Thailand digital currency, the currency would be tested with 10,000 users.
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According to Bloomberg, the test will be conducted with 10,000 selected retail users all around the country. The test is an important preceding before the final launch, as the phase will allow the developers to examine their design. This test will also allow the developers to uncover possible hitches and bugs that may surface after the CBDC launch.
The CBDC is being developed to be used by everybody in the country; small business owners, large businesses, retail users, students, and other citizens. The digital currency will be developed, operated, and secured by the Central Bank of Thailand.
CBDC launch and issuing will play a great role in improving the situation of Thailand’s banking and financial sector. The retail users and three companies have been selected from different regions in the country by the Thailand Central Bank.
The Rising Adoption and Launch of CBDC Globally
Digital currencies have been garnering much exposure and interest globally over the past few months. The adoption of digital currencies, assets, and cryptocurrencies has been on the high rise in different countries.
The Central Bank’s digital currency is being developed as an alternative that can be used for monetary exchange transactions. Presently, CBDS is accepted globally, and over 80 countries are considering developing and using it.
Some countries like; Jamaica, Nigeria, and the Bahamas have issued digital currencies. While countries like; China, Russia, India, Sweden, Saudi Arabia, Brazil, Malaysia, Ukraine, and others are in the development stage.
The central bank-controlled digital currency is believed to be a better option than Bitcoin and Ethereum in terms of risk and losses. The CBDC can be used, sent, and transacted via offline and online channels.
According to a financial and business data platform Bloomberg, full details regarding the Thailand CBDC release and launch have not been stated. The testing aspect of the digital currency development will be conducted soon, most likely before the end of the year.
The selected users will use the digital currency as a substitute for Thai Baht (Thailand Currency). The three companies, Bank of Ayudyha, 2C2P, and Siam bank, will also take part in the CBDC test.