Thailand Already Using Central Bank's Digital Currency
Thailand's digital currency is backed by the central bank’s foreign currency reserves, which have grown by $25 billion over the past 12 months.
Jul 17, 2020 at 10:29 a.m. UTCUpdated Aug 19, 2021 at 3:10 a.m. UTC
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A senior figure at the Bank of Thailand (BOT) has confirmed the bank is already using a central bank digital currency (CBDC) for transactions with some businesses.
- Vachira Arromdee, the central bank's assistant governor, told reporters Wednesday it planned to expand the use of the digital currency among large businesses The Nation reported.
- It's unclear what businesses are already using the digital currency; transactions with the Hong Kong Monetary Authority will be conducted with the CBDC from September, Arromdee confirmed.
- Thailand's CBDC is backed by the central bank's currency reserves; BOT data shows its foreign currency reserves have grown by more than $25 billion over the past 12 months.
- Access to the general public, complete with a state-backed wallet provider, is currently under consideration.
- Arromdee said the BOT recognized digital currencies could lower the costs of transactions but is also concerned about how that could disrupt the commercial banking sector.
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