The Bank of Thailand (BoT) Puts the Brakes on Its CBDC
2022.05.27 12:41
The Bank of Thailand (BoT) Puts the Brakes on Its CBDC
- The Thai central bank governor decides to pull back on CBDC.
- He claims there are enough alternative payment options.
- Crypto transaction tax (VAT) has been delayed until 2024.
The Bank of Thailand (BoT) has halted its central bank digital currency (CBDC) ambitions due to the availability of existing online payment options.
Mr. Sethaput Suthiwartnarueput, Thai Central Bank Governor, stated in an interview at the 2022 World Economic Forum, that he feels the necessity to roll out CBDC is not that urgent.
Accordingly, the Central bank stated that the Bank of Thailand will continue to execute its retail CBDC public trial in Q4 of 2022. However, this will be done on a small scale, with financial institutions testing deposits, withdrawals, and transfers.
Suthiwartnarueput expressed satisfaction with existing online payment methods like Promptpay and different QR code payments. He also claimed that the use of blockchain technology may result in ‘unintended consequences’ and design concerns due to smart …
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