Thailand Will Soon Do A Trial For Digital Money To Simplify Financial Transactions

JAKARTA - The cryptocurrency phenomenon has skyrocketed after a number of giant companies such as Tesla, Visa, PayPal, and major US banks such as Goldman Sach and Morgan Stanley opened up to cryptocurrency. Not long ago, the Bank of Thailand was also reported to be testing the central bank's digital money (CBDC) soon.

According to Coindesk, the plan will be carried out in the second quarter of 2022. The Thai central bank announced it on Friday, April 2, 2021. Bank of Thailand is ready to receive public responses regarding CBDC retail on 15 June.

The central bank of Thailand aims to provide easy and safe financial access for its users. The bank plans to fully implement digital money over the next 3-5 years.

The central bank of Thailand considers that the presence of digital money will not interfere with Thailand's financial system, which has been running for a long time.

"It (digital money) will not affect the Thai financial system", said Vachira Arromdee, assistant governor of the Bank of Thailand in a statement to Reuters.

In March, the Bank of Thailand announced that it was supporting the stable coin category digital assets by the end of this year. Whereas previously, the central bank prohibited the use of stable coins denominated in the baht currency made abroad.