March 28, 2024

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

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

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

According to the announcement, within the framework of the project, a prototypeThe Central Bank's Digital Currency (CBDC) will be integrated with the corporate management 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 feasibility studies.substantiation and develop an algorithm for integrating CBDC with existing business platforms in the country.

The Central Bank expects that this financial innovation will increase the efficiency of settlements and the speed of transfer of funds between enterprises. The launch of the project is scheduled for July 2020.

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

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