Thailand’s Cryptocurrency is being tested by several large companies before public debut

Thailand’s Cryptocurrency is being tested by several large companies before public debut

Nation Thailand announces the entry of The Bank of Thailand into the third phase of the development of its own cryptocurrency (CBDC), which will focus on use between large companies.

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16 Jul 2020 , 12:48 @ Katie Müller

Thailand’s Cryptocurrency is being tested by several large companies before public debut

Nation Thailand announces the entry of The Bank of Thailand into the third phase of the development of its own cryptocurrency (CBDC), which will focus on use between large companies.

Vachira Arromdee, The Bank of Thailand (BOT) assistant governor, confirmed this information yesterday that the bank is already using the CBDC for financial transactions with some large companies. She also mentioned that from September, the bank will use the digital currency also for transactions with the Hong Kong Monetary Authority.

Vachira also said:

The central bank is also thinking about expanding use of the cryptocurrency to the general public, but a comprehensive study must be completed before taking such action.

The BOT digital currency will be supported and covered by tangible assets such as the country’s international reserve, making it a stable coin. This avoids the volatility that is known for many cryptocurrencies.

Thakorn Piyapan, head of the Krungsri Consumer Group, is also a strong supporter of the BOT cryptocurrency and its integration. He believes that can support mobile banking, e-wallets and reduce the overall cost of printing and using banknotes.

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