The Bank of Thailand, or BOT, has reportedly deployed its CBDC, and has been using the digital currency for financial transactions with some large businesses, local English-language newspaper The Nation reports July 16.
The bank has entered the third phase in development of the digital baht and plans to expand to more businesses, BOT assistant governor, Vachira Arromdee, reportedly announced on Wednesday.
Thailand’s central bank is also thinking to expand the use of the digital baht to the general public to reduce the cost of financial transactions, Vachira said. However, the BOT first needs to carry out a comprehensive study to prevent the potential negative impacts on commercial banks, the executive noted.
As reported, the BOT officially launched a pilot project to test its CBDC payment system in June 2020. Announcing the news, the bank said that before rolling out the system to all businesses, the digital currency needed to be tested out with large-scale enterprises.