The number of countries wishing to develop their own digital currency continues to grow. This week, the Central Bank of Thailand announced the launch of a project – its own token (CBDC). The regulator’s statement notes that before the official release of the cryptocurrency, it is planned to test its capabilities within a special ecosystem.
The Central Bank plans to attract large Thai enterprises to it. It is already known that the regulator wants to use the largest supplier of construction materials Siam Cement Group and the fintech company Digital Ventures Company to test CBDC.
The start of the project is scheduled for July this year. The Central Bank expects to complete testing the capabilities of regulated cryptocurrency by the end of the year.
After the CBDC tests are completed, the Central Bank will evaluate the results of the work and decide on the feasibility of regular launch of a virtual coin. Developers will create a payment network based on the capacities of the Central Bank and other large banks of the country.
Note that the Bank of France has already announced the successful testing of its own token and announced preparations for the CBDC’s official entry into the market. This is a digital version of the euro.