Thailand sees central bank digital currency as a tool that could promote innovation but argues that it is in no rush to push for one, noting that it will resort to programmable payments and tokenization instead.
Bank of Thailand expects the total number of participants to reach around the 10,000 mark while viewing the CBDC project as a “pilot to learn” instead of a pilot launch.
Assistant Gov. Tharith Panpiemras revealed that virtual banks would be regulated in the same manner as traditional financial institutions, including additional safeguards for investors’ protection.
Thai Finance Ministry announced new tax rules that seek to promote digital currency trading, a month after a public outcry that led to the scraping of 15% capital gains tax.
The initial testing of Thailand’s central bank digital currency, initially set for Q2 in 2022, will be pushed to later in the year because stakeholders need time to prepare for it, according to Bank of Thailand.
The Bank of Thailand has announced to conduct pilot tests of a central bank digital currency for retail use in the second quarter of 2022.
The country’s Excise Department will integrate blockchain technology to administer revenue collection for the fiscal year 2021.
