Thailand postponed testing of digital currency until late 2022

The country intends to use CBDC as an alternative payment method instead of cash

28.12.2021 - 08:25

708

1 min

What’s new? Thailand has announced its plans to postpone testing of the central bank-issued digital currency (CBDC) until the end of 2022. It was originally scheduled for the second quarter of 2022. According to Reuters, Thailand intends to use CBDC as an alternative payment method instead of cash.

Information on the Reuters website

How will CBDC be tested? Despite the postponement, the testing phase is expected to be used for a thorough analysis of the use of CBDC. The experts will check how the digital currency will be able to supplement cash payments. As part of the pilot, around 10 000 users as well as several financial institutions will test CBDC for offline and online transactions, including withdrawals, deposits, and fund transfers.

Which countries have already implemented CBDC? Some countries have already passed the testing stage and use CBDC. For example, Nigeria and the Bahamas have already implemented the digital currency, while other countries such as Ghana and China are in the testing phase. However, the central banks insist that CBDC will not completely replace cash, but only supplement it.

Author: