Thai central bank investigates building central bank digital currency for payments

Friday 19 June 2020 09:37 CET | News

Thailand’s central bank has unveiled plans to build a prototype of a payment system for businesses using central bank digital currency (CBDC).

The CBDC prototype will be integrated with the procurement and financial management systems of Siam Cement and its suppliers, the Bank of Thailand (BOT) said in a statement. The project will begin in July 2020 and is expected to conclude by the end of 2020, BOT said, adding its scope will include conducting a feasibility study.

Many central banks are looking into the potential for CBDCs. They differ from cryptocurrencies like Bitcoin, which are produced by solving complex math puzzles and governed by disparate online communities instead of a centralised body, according to Reuters.
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Keywords: Thailand’s central bank, CBDC, Bitcoin, central bank, innovation, digitalisation, Asia
Categories: DeFi & Crypto & Web3
Countries: Thailand
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DeFi & Crypto & Web3