Sirlibz
A local news outlet report has shown that the Bank Of Thailand (BOT) has started utilizing the Central Bank Digital currency (CBDC). The assistant governor of BOT said that the Bank Of Thailand has entered third-phase development of its “central bank digital currency” (CBDC) and plans to expand its use among large businesses.
“The central bank is already using CBDC for financial transactions with some big businesses”- Said Vachira Arromdee, BOT assistant governor.
They plan to start using the cryptocurrency for transactions with the Hong Kong Monetary Authority, and also expand the use to the general public after careful consideration.
“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.”
She also noted that the CBDC is not the same as Bitcoin or any other digital currency with a volatile market backed by speculation. The CBDC will function as a stable currency backed by tangible assets such as the country’s international reserve.
