Thailand's Central Bank selects Giesecke+Devrient to design CBDC prototype

Wednesday 2 June 2021 12:49 CET | News

The Bank of Thailand (BoT) has selected Giesecke+Devrient (G+D), a Germany-based technology company, to develop a central bank digital currency (CBDC) prototype.

BoT chose G+D for the proof-of-concept retail CBDC project, according to CoinDesk. The bank has allocated USD 320,000 for the project, which includes taxes, transportation, registration fees, and other expenses.

The bank announced in early April 2021 that it had begun accepting public feedback on its retail CBDC with an end date of June 15. Retail CBDCs differ from wholesale CBDCs in that they are digital extensions of a nation's currency, while wholesale CBDCs refer to interbank settlement infrastructure.

G+D and BoT had not responded to a CoinDesk request for comment by the time of publication.

To learn more about CBDCs, download our ebook Central Bank Digital Currencies for Beginners – A Quick Guide into CBDCs.

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Keywords: CBDC, banks, digitalisation, partnership
Categories: DeFi & Crypto & Web3
Countries: Thailand
This article is part of category

DeFi & Crypto & Web3