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Thai officials are apparently not hurrying to implement a central bank digital currency aimed at consumers (CBDC).
The Governor of the Bank of Thailand said that Thailand offers a variety of alternative payment alternatives.
Demand is the issue
The Governor of the Bank of Thailand, Sethaput Suthiwartnarueput, stated that the need for a CBDC is not urgent and that the institution will not hurry to introduce one.
Thailand is one of the countries that has expressed interest in establishing a CBDC.
The central bank of the nation has stated that it will evaluate how the financial product interacts with local firms in 2020. In addition, Bank of Thailand Assistant Governor Vachira Arromdee announced that the institution aims to make the CBDC available to the general public.
At the end of last year, the authorities revealed their intention to use the national digital currency as a cash substitute. The goal was to pass various trials, which were postponed to the end of 2022.
According to a recent local article, Thailand’s central bank governor, Sethaput Suthiwartnarueput, is pleased with the present retail banking network. He claimed that “the need for a CBDC is not that great.”
The bank intends to conduct trials on the financial product in Q4 2022, according to the official. The project will be backed by financial institutions and private individuals who will make withdrawals, deposits, and cash transfers.
Thailand has banned cryptocurrency
The Asian nation takes a divisive stance on the digital asset market. Last year, the Tourism Authority of Thailand (TAT) announced plans to launch the TAT currency, a utility token. Tour operators would be able to transfer vouchers and boost their liquidity as a result of the solution.
After the COVID-19 decline, it would also want to attract crypto owners who can settle in the Land of Smiles and help to boost the economy. Thailand is not a fan of cryptocurrencies like Bitcoin and altcoins, despite its support for the TAT currency.
Authorities warned last month that they might have a negative impact on the financial system. As a result, its usage as a method of payment was illegal as of April 1, 2022. Thailand has banned cryptocurrency as a payment method.
Trading and investing in cryptocurrencies, on the other hand, remains legal, which is great news for the numerous HODLers in the US. Thais own more than $3 billion in digital assets, according to Bloomberg.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
