Thailand’s central bank, the Bank of Thailand, has no rush to introduce its CBDC plans after postponing the CBDC test phase to late 2022.
According to a statement issued by the Bank of Thailand, the country’s CBDC pilot project, which was scheduled to launch in Q2 of 2022, has been rescheduled to roll out in Q4 instead.
“Thailand can still take a gradual step in the retail CBDC to ensure efficiency and prudence as it does have a problem with fund transfers or payments as some other countries,” Deputy central bank director Kasidit Tansanguan noted in a press conference.
The country’s authorities aimed to introduce Digital Baht as an alternative payment method for limited use-cases. According to Reuters, the pilot program will involve more than 10,000 users or ‘stakeholders’ who will conduct transactions such as deposits, withdrawals, and transfers via the CBDC.
As per reports by local media Bangkok Post, the stakeholders, which will participate in the project, need time to prepare for the initial test. As a result, the Bank of Thailand needs to prepare the relevant infrastructure and anticipate the willingness of stakeholders to go forward with the project.