SCG and Bank of Thailand will begin developing a prototype system of Central Bank Digital Currency (CBDC)

SCG and Bank of Thailand will begin developing a prototype system of Central Bank Digital Currency (CBDC)

Thailand is just a step away from launching its own digital currency, according to the Bangkok Post.

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19 Jun 2020 , 17:53 @ Katie Müller

SCG and Bank of Thailand will begin developing a prototype system of Central Bank Digital Currency (CBDC)

Thailand is just a step away from launching its own digital currency, according to the Bangkok Post.

SCG, a leading business conglomerate in the ASEAN region, has signed an MoU with the Bank of Thailand and Digital Ventures to develop a prototype system of Central Bank Digital Currency (CBDC).

Mr. Thammasak Sethaudom, Vice President – Finance and Investment & CFO, SCG, said:

SCG is pleased to work with the Bank of Thailand and Digital Ventures to optimise digital technology in business operations and initiate the development of the Central Bank Digital Currency system which is vital for the country’s economic development.

The MoU with Bank of Thailand and Digital Ventures to collectively develop the prototype system of Central Bank Digital Currency (CBDC) is a significant milestone in boosting competitiveness for organisations and business partners and improving the payment infrastructure for the business sector in the future.

In this way, Thailand is responding to the current situation and the accelerated digital transformation across the country.

Read also: The Bank of Ghana is still considering its own digital currency

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