Thai central bank to test retail baht digital currency next year

[webfact]

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. (https://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.

 

(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Martin Petty)

 

-- © Copyright Reuters 2021-04-03

 

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[wombat]

With China to become tourist de joure and their use of digital currency it makes sense 

[Yewbzee]

They and other central banks around the globe are missing the point entirely on this. A centralised digital currency is just fiat currency by another name. Controlled and manipulated to the detriment of the general population over decades.

The reason for bitcoin's (and other cryptos) popularity is that they are decentralised and out of reach of mass dilution by the money printers.

[NotYourBusiness]

4 minutes ago, Yewbzee said:

They and other central banks around the globe are missing the point entirely on this. A centralised digital currency is just fiat currency by another name. Controlled and manipulated to the detriment of the general population over decades.

The reason for bitcoin's (and other cryptos) popularity is that they are decentralised and out of reach of mass dilution by the money printers.

They haven't missed any point.

[RichardColeman]

8 hours ago, webfact 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.

Seriously, what's the point ? 

A digital currency instead of bank notes for transaction on and off line ?

Isn't that just called a Debit card these days ?  

[ukrules]

1 hour ago, RichardColeman said:

Seriously, what's the point ? 

A digital currency instead of bank notes for transaction on and off line ?

Isn't that just called a Debit card these days ?  

 

The point is direct person to person transactions.

 

 

 

[digger70]

12 hours ago, webfact 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.

This has been used since the Credit and debit card came in use .they Don't use Banknotes it's only Numbers Moved on the Phone linens and Internet and that's what Hakkers/thieves/Bad Bank Staff  use to Fudge your account

[roquefort]

3 hours ago, ukrules said:

 

The point is direct person to person transactions.

 

 

 

And every transaction traceable ...... and therefore taxable

[lungbing]

Just what we need.  More idiots standing there furiously tapping on their phone instead of just getting a 100 baht note out.  I'm always behind that idiot in TOPS.