Bank of Thailand to launch prototype payment system based on its digital currency

Central Bank of Thailand announced the development of a prototype payment system for enterprises using digital currency in their activities.

According to the announcement, as part of the project, a prototype central bank digital currency (CBDC) will be integrated with the corporate governance systems of Siam Cement Public Company Limited and its suppliers.

This will allow the Central Bank of Thailand to assess the prospects for the introduction and subsequent expansion of the payment system, as well as the features of its adaptation. Real tests will also help to conduct a feasibility study and develop an algorithm for integrating CBDC with existing business platforms in the country..

Bank of Thailand to launch prototype payment system based on its digital currency

The central bank expects this financial innovation to improve settlement efficiency and the speed of transferring funds between enterprises. The launch of the project is scheduled for July 2020.

However, Thailand still lags behind other countries in terms of blockchain integration into the financial sector. Since the Central Bank of Saudi Arabia has already begun to transfer funds to local banks via the blockchain, and the Bank of France has successfully tested digital euro.

Bank of Thailand will launch a prototype payment system based on its digital currency

text: Ivan Malichenko, photo: themalaysianreserve

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