Bank of Thailand Mulling Over Piloting Digital Baht With Hong Kong Central Bank

The central bank of Thailand has purportedly entered a new stage in the expansion of its central bank digital currency. The central bank is planning to experiment the digital baht with the central bank of Hong Kong subsequent to testing the central bank digital currency with large businesses.

The Bank of Thailand has purportedly deployed its CBDC, and has been using the digital currency for monetary dealings with some big corporations, as per a report published by The Nation, a local English-language newspaper.

Vachira Arromdee, the Assistant Governor of Bank of Thailand, allegedly declared that the bank has entered the 3rd phase in expansion of the digital baht and plans to expand to more industries.

According to the aforementioned report, the Bank of Thailand is preparing to roll out the virtual currency for proceedings with Hong Kong’s central bank, the Hong Kong Monetary Authority, in the month of September this year.

Arromdee mentioned that the country’s central bank is also mulling over growing the use of the digital baht to the general public to decrease the cost of financial proceedings. Nevertheless, the Bank of Thailand first needs to carry out an all-inclusive study to avoid the probable undesirable bearings on commercial banks, as per the executive.