Thailand postponed testing of digital currency until late 2022
The country intends to use CBDC as an alternative payment method instead of cash
![Thailand postponed testing of digital currency until late 2022](https://storage.getblock.net/source/1/gHX47b3ut9he_qSAAxtFGwm67UEBoETB.png)
28.12.2021 - 08:25
281
1 min
0
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024