Bank of Thailand, will begin a pilot for a central bank and a digital currency (CBDC)

The Bank of Thailand is developing a prototype of a central bank and a digital currency (CBDC) for a real-life use cases to evaluate the companies. That said the central bank in an official statement. The currency will be tested in large companies, prior to the central bank, the CBDC launched. =

The Project will be in July at the start

The bank of Thailand will work together with the Siam Cement Group, the largest cement and bouwmateriaalleverancier of Thailaind. Also, the Thailand-based fintechfirma Digital Ventures Company Limited, participated in the project in order for the prototype to be tested.

The project will be in July of this year. It is expected that the pilot programme with the Siam Cement Group by the end of this year.

With an CBDC strives to be the bank into a more efficient system, with greater flexibility in the transfer of funds, as well as a faster settlement of payment between suppliers.

After the pilot program, the Bank of Thailand and the feasibility of the system to assess and develop a way to CBDC-payments is easy to integrate with other companies as well.

Co-operation with other financial institutions

In January, the Bank of Thailand will participate in the Project Intathon, a collaborative project with other financial institutions. On the basis of the experience of the central bank has been developing its own central bank, digital currency.

Also, the hallway with its own digital euro

Thailand is not the only country that is experimenting with its own digital currency. Reportedly, China is already far down the road of developing its own currency, the Chinese central bank has set up several companies invited to present their CBDC is to test it.

Recently, the Bank of Canada and a job with the title of “Project Manager, CBDC,” which shows that in Canada, the possibility of an own-CBDC of the staff. And, closer to home, France has engaged in testing of any type of digital euros.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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