Bank of Thailand trials Central Bank-backed digital currency in private sector, citing lower transaction costs

posted 4 months ago
The Bank of Thailand is about to trial its central bank digital currency (CBDC) with local businesses as part of the third phase of development.

BOT assistant governor Vachira Arromdee said the BOT has started to use the digital currency for financial transactions with some big companies, and she went on to say “The central bank is also thinking about expanding use of the cryptocurrency to the general public…” She mentioned that the digital currency might negatively influence commercial banks by hurting demand for intermediaries in financial transactions, and that the CBDC would cut transaction costs.
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