Thai central bank to test retail baht digital currency next year

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

BANGKOK, April 2 (Reuters) – Thailand’s central bank will begin testing use of its retail digital currency for the general public in the second quarter of next year before fully implementing it over the next 3-5 years, an assistant governor said on Friday.

The retail central bank digital currency (retail CBDC) is aimed at providing access to convenient and secure financial services, Vachira Arromdee told a briefing.

“It will not affect the Thai financial system,” she added.

The Bank of Thailand is seeking public opinions by June before developing the digital currency, she said. (bit.ly/3fwELEt)

A retail CBDC is a digital form of money issued by a central bank comparable to physical banknotes. It can be used in financial transactions both online and offline.

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