Thai central bank to test retail baht digital currency next year

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FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo

 

BANGKOK (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.

 

 

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.

 

-- © Copyright Reuters 2021-04-02

 

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