Close Menu
AlexaBlockchain
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
Facebook X (Twitter) Instagram
Friday, May 30
  • Advertise
  • Crypto PR
  • Partner
  • Submit Press Release
  • Contact Us
X (Twitter) Facebook LinkedIn Instagram
AlexaBlockchain
Banner
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
AlexaBlockchain
You are at:Home » Bank of Thailand Launches Pilot for Retail CBDC
CBDC

Bank of Thailand Launches Pilot for Retail CBDC

The pilot testing phase will involve thousands of participants and offer various use cases for the digital currency.
Ravi KumarBy Ravi KumarJune 17, 2023Updated:June 18, 2023No Comments3 Mins Read
Twitter Facebook LinkedIn Reddit Email WhatsApp
Bank of Thailand Launches Retail CBDC
Bank of Thailand Launches Retail CBDC
Share
Twitter Facebook LinkedIn Pinterest Reddit Telegram Email WhatsApp

TL;DR: The Bank of Thailand is partnering with three payment service providers to introduce a retail central bank digital currency (CBDC), aiming to enhance convenience and efficiency in financial transactions while reducing costs. The pilot testing phase will involve thousands of participants and offer various use cases for the digital currency.

Bank of Thailand Collaborates with three Payment Service Providers to Launch Retail CBDC

The Bank of Thailand, the central bank of Thailand, is partnering with three payment service providers, Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co, to launch a retail central bank digital currency (CBDC). The initiative aims to enhance the convenience and efficiency of financial transactions while reducing costs. The testing phase in a regulatory sandbox is scheduled to take place from June to August.

Bank of Ayudhya, branded and commonly referred as Krungsri, is one of the first financial institutions to launch the pilot trial of the retail CBDC, named CBDC Krungsri. Initially, the bank invited its employees and approximately 100 nearby merchants to participate, with a target of 2,000 staff members joining the pilot project.

Krungsri is the fifth largest bank in Thailand in terms of assets, loans, and deposits. Participants in the CBDC Krungsri project are required to install a mobile banking app, create an e-wallet, and transfer funds into the digital currency called “digital baht,” where one CBDC is equivalent to one baht.

Payments for goods and services can be made at participating stores by scanning a QR code. The bank has focused on stabilizing the payment system during peak periods and has not set a limit on transaction value. The successful implementation of the service could alleviate the transaction load on the PromptPay service during high-demand periods.

In addition to retail transactions, the retail CBDC could be utilized for state welfare payments, similar to existing apps like Pao Tang or specific loan programs.

The Bank of Thailand aims to differentiate the retail CBDC from the PromptPay service and believes that the adoption of the digital baht will benefit the country’s digital economy in the long run.

Since the CBDC is digital, there is no need to produce physical coins and notes, potentially reducing costs associated with supplying physical currency to the economy.

Additionally, Siam Commercial Bank has initiated its pilot project called CBDC SCB wallet, which is available for participation by both bank staff and nearby merchants.

The Bank of Thailand has set a target of engaging approximately 10,000 participants in total for the testing phase of the retail CBDC.

Read Also: Thailand Scraps 15% Capital Gains Tax Plan For Crypto

CBDC Thailand
Share. Twitter Facebook LinkedIn Reddit Pinterest Tumblr Telegram Email WhatsApp
Ravi Kumar
  • X (Twitter)
  • LinkedIn

Ravi is Founder and Chief Content Officer of AlexaBlockchain. He writes about everything at the cross-section of blockchain, crypto, AI, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

More AlexaBlockchain

Thailand Enlists Global Crypto Titans to Lead Blockchain Innovation

February 6, 2025

IMF Introduces REDI Framework for CBDC Adoption

September 22, 2024

How Cross-Border Payments Are Evolving In The Digital Economy? Latest Trends, Technological Advancements, And Partnerships

February 16, 2024

2024: The Year That Will Rewrite the History of Money

January 3, 2024

Global World Blockchain Summit Returns to Bangkok on December 13-14, 2023

December 5, 2023

G20 Leaders Embrace Regulatory Frameworks for Cryptocurrency, Delve into CBDC Discussions

September 9, 2023
Add A Comment

Comments are closed.

Don't Miss

QFSCOIN Launches Affordable Cloud Mining Contracts to Democratize Bitcoin Access

Liquidium Launches Cross-Chain Bitcoin Lending Without Wrapped Tokens or Bridges

Katana Launches High-Yield DeFi Blockchain Backed by GSR and Polygon Labs

Sony’s Soneium Brings Viral Telegram Game Sleepagotchi to 200M Users via LINE

Trending Topics
  • Blockchain News
  • Blockchain Technology
  • Blockchain Platforms
  • Blockchain Regulation
  • Bitcoin News
  • Ethereum News
  • Ripple News
  • Tezos News
  • CBDC
  • NFTs
Featured Companies
  • Binance
  • Tech Mahindra
  • Huobi
  • Efforce
  • Future FinTech Group
  • SuburbanColors
  • Launchpool Labs
  • Lucky Crab Club
  • SIMBA Chain
  • Bulldog Law
Stay Updated
  • Events
  • Newsletters
  • Follow
  • Follow on Google News
  • Blockchain Directory
Get In Touch
  • Crypto PR
  • Advertise
  • Partner
  • About
  • Masthead
  • Careers
  • Write for Us
  • Submit Press Release
  • Submit Guest Post
  • Contact US
Copyright © 2025. AlexaBlockchain
  • About
  • Advertise
  • Crypto PR
  • Submit Press Release
  • Write for Us
  • Careers
  • Privacy Policy
  • Affiliate Disclosure
  • Disclaimer
  • Contact

Type above and press Enter to search. Press Esc to cancel.