Thai central bank to test digital retail currency at the end of this year

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BANGKOK (Reuters) – Thailand’s central bank said Friday it expected to test its retail digital currency from late this year to mid-2023 as an alternative payment option.

During the tests https://www.bot.or.th/English/PressandSpeeches/Press/2022/Pages/n3965.aspx, the central bank digital currency (CBDC) will be used when performing cash transactions, such as paying for goods and services, within restricted areas and among about 10,000 retail users, the Bank of Thailand (BOT) said in a statement.

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The BOT will assess the benefits and risks of the pilot project to formulate related policies and improve designs, it said.

At this time, the BOT has no plans to formally release its retail CBDC, it said.

A retail CBDC is a digital form of money issued by a central bank similar to physical banknotes. It can be used both online and offline in financial transactions.

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However, the BOT has said it does not support the use of digital assets, such as bitcoin and ether, as payment for goods and services due to the associated risks.

(Reporting by Kitphong Thaichareon and Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Kanupriya Kapoor)

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