- The Bank of Thailand has announced the launch of its retail central bank digital currency pilot project as part of its efforts to improve the convenience and efficiency of financial transactions and lower overall costs.
Krungsri, one of the first financial institutions to start operating a pilot test for a retail CBDC, has invited its staff and roughly 100 merchants located near Krungsri's headquarters to test the digital baht. The new digital currency can then be used to pay for goods and services at participating stores by scanning a QR code. “The bank educated both merchants and staff about retail CBDC before launching the pilot project, and the testing has run smoothly,” Sam said.
Sam said that aside from retail payments, the digital baht can be used for welfare payments, similar to the Pao Tang app, and the bank will need to determine a strategy to differentiate the CBDC from the PromptPay service. “The adoption of digital baht should benefit the country's digital economy in the long term,” he said.