Bank of Thailand Initiates Central Bank Digital Currency Pilot Test

The Bank of Thailand recently started a project to pilot test its Central Bank Digital Currency based payment system with Thailand’s prime cement and building material provider.

The country’s central bank declared that it is mulling over creating a prototype to assess real-life business use cases of its CBDC.

In an official statement, the central bank mentioned that prior to starting the Central Bank Digital Currency based payment system for all industries, it is mulling to test it with large-scale enterprises.

Furthermore, the bank has partnered with Siam Cement Group, the prime cement and building material provider in Thailand. The Bank of Thailand also partnered up Digital Ventures Company Limited, a Thailand-based fintech firm, in order to pilot test their payment prototype system.

The aforementioned pilot program is scheduled to begin in the month of July this year and the pilot test with Siam Cement Group is anticipated to be accomplished by the conclusion of 2020. With Central Bank Digital Currency payments, the bank intends for a more competent payment system with improved flexibility for fund transfers and quicker payment settlement amongst dealers.

Subsequent to the pilot, the Bank of Thailand will evaluate the system’s viability and a method to effortlessly integrate Central Bank Digital Currency based payments on other commercial platforms.