Three major banks and 10 thousand citizens will participate in the first “retail” CBDC pilot in Thailand. The experiment will allow Thai legislators to assess the benefits and associated risks for future regulation.
projects and proof-of-concept Retail CBDC testing with corporates, the Bank of Thailand will extend the scope of CBDC development aimed at retail to a pilot phase. A possible real-life application of the"Retail CBDC" will be conducted inside the private sector on a limited scale.“The BOT will assess the benefits and associated risks from the Pilot to formulate related policies and improve the CBDC design in the future.
The pilot is separated into two tracks. During the first one — a “Foundation track” — CBDC will be tested in cash-like activities, i.e., paying for goods and services, within limited areas and a scale of 10,000 retail users. Three companies participate in the experiment — the Bank of Ayudhya, Siam Commercial Bank and 2C2P. The testing should start at the end of 2022 and last until mid-2023.
A second phase dubbed the “Innovation track” will focus on presenting innovative use cases for CBDC. The private sector and the public will have a chance to present their use cases for Retail CBDC via a"CBDC Hackathon," which will take place Friday, Aug. 5–Sept. 12, 2022. Selected participants will receiv mentorship from experienced financial institutions.
In the meantime, the BOT doesn’t plan to issue Retail CBDC, “as the issuance requires thorough consideration” of risks and benefits for the financial system in general.
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