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Thailand postpones its CBDC pilot program until the end of 2022

Thailand has announced plans to postpone the test of its central bank-issued digital currency (CBDC) until the end of 2022. Remember that the test was initially scheduled for the second quarter of 2022, but has now been rescheduled for the end of year. year.

Thailand postpones CBDC test

According to Reuters, which shared the rescheduling report, Thailand is looking to use CBDC as an alternative payment option to replace cash.

And while the postponement may have been confirmed, the reason for the central bank’s decision has yet to be determined. Although Bank of Thailand deputy director Kasidit Tansanguan may have suggested a goal of laser focus on efficiency, which may be slow work.

Thailand can still take a gradual step in retail CBDC to ensure efficiency and prudence, as it has problems with funds transfers or payments like some other countries,” he said.

But despite the delay, the testing phase must still be used to carefully analyze the use of CBDC in relation to transactions and how it can supplement cash payments.

For the pilot project, around 10,000 users together with some financial institutions will test the digital currency for online and offline transactions, including withdrawals, deposits and funds transfers.

CBDC grows in popularity as the world becomes even more digital

Without a doubt, the world is definitely going digital. However, it is reasonable, especially considering that the COVID cases are now unfolding. Now, globally, these genuine concerns are catching the attention of most central banks, who continue to look for ways to provide an alternative to cash transactions.

In fact, some countries have passed the testing phase and are already using their CBDC. For example, Nigeria and the Bahamas are already actively using their CBDCs, while other countries such as Ghana and China are already in the pre-deployment testing phase.

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