The Bank of Thailand plans to launch CBDC development projects for large enterprises

Vachira Arromdee, deputy governor of the Bank of Thailand (BoT), said that the Bank of Thailand’s “Central Bank Digital Currency” (CBDC) project has entered the third phase of development and plans to expand its use among large enterprises. The central bank is already using CBDC to conduct financial transactions with some large enterprises. The central bank is also considering expanding the use of cryptocurrencies to the general public, but before taking such actions, a comprehensive study must be completed. Vachira Arromdee said that cryptocurrencies may have a negative impact on commercial banks because financial transactions no longer require intermediaries. But she said that on the positive side, this will reduce the cost of financial transactions. According to previous reports from Lianwen, the Bank of Thailand announced a prototype project for the development of a commercial decentralized payment system last month. The project will be based on the Inthanon project. The scope of the project will include conducting feasibility studies and developing and integrating CBDC Innovation platform with enterprises. The Inthanon project is a distributed ledger project initiated by the Central Bank of Thailand and the country’s eight major commercial banks.