Thailand Testing Digital Money Cbdc Retail In Quarter Ii / 2022

The Central Bank of Thailand (BOT) on August 19 announced the digital currency test plan issued by the central bank (CBDC) to the public in the second quarter of Vietnam / 2022. At a bank in Bangkok, Thailand. Photo: AFP / TTXVN Thai Central Bank (BOT) on August 19 announced the digital currency test plan issued by the Central Bank (CBDC) to the public in the second quarter of Vietnam / 2022 After announcing the results of a new study on how to manage the impact of this currency release in the financial sector. Other with wholesale CBDC, which is only used by financial institutions And the payment intermediary, the retail CBDC will be deployed widely for the public. In the research report, in addition to the risk has been determined before the consumers prefer the CBDC more than the method Some situations, Bot notes that there will be new potential challenges from CBDC

. They include adverse impacts on monetary policy transmission or existing financial institutions. To prevent this, study propose three important points to pay attention to Retail CBDC: ( 1) CBDC will be like cash and refuses to interest, (2) Intermediaries as financial institutions will be CBDC distributors for the public and (3) conditions or limits to convert CBDC Need to be set. According to BOT, these measures will help ensure that a retail CBDC does not compete with bank deposits
At the same time, they will help CBDC maintain an intermediate role in collecting deposits and providing credit, as well as liquidity management in the overall financial system. In addition, these measures also help fight the possibility of a batch withdrawal with financial institutions. It is noted that the BOT predicts that the public needs for a retail CBDC will increase by the time. This can lead to CBDC into a form of replacement in the future, instead of the existing electronic cash and forms. Based on this study, Bot has revealed more details about the next Prepare a retail CBDC in real situations. The plan will be divided into two routes. Firstly, the "platform route" - will begin in the second quarter of 2022. This route piloted using CBDC in performing similar activities with limited cash in the scale, including payment for goods and services, along with conversions. Monday is "innovative innovation routes" More ambitious. This route will discover how the retail CBDC can be used for new cases, based on comments from private sector components and technology developers
This second is still incomplete. Bot said they are still developing the format of piloting and evaluating which components will be eligible for participation. Before, Bot has partnered with a number of major banks across Asia in a research project Save - Develop a cross-border CBDC, also known as a multi-central multi-bank digital currency bridge (M-CBDC) using distributed ledger technology. The banking bank includes the agency Currency Hong Kong (China), Central Bank of Unified Arab Emirates (UAE) and Digital Monetary Institute of the Chinese People's Bank (PBOC) ./. H.The (General)

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