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Bank of Thailand launches pilot for retail digital currency

The Bank of Thailand is partnering with Bank of Ayudhya, Siam Commercial Bank, and 2C2P to pilot its retail central bank digital currency (CBDC). The trial will take place in a regulatory sandbox between June and August. The pilot project, CBDC Krungsri, includes bank staff and around 100 merchants and will allow participants to test payments via a digital version of the Thai baht. The initiative aims to enhance the efficiency of financial transactions while reducing costs. The central bank is targeting around 10,000 participants in total for the CBDC testing. The system could ease the load on the PromptPay service during peak periods and potentially be used for state welfare payments.


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