The central bank of Thailand (BOT) is nearing the complete release of its digital currency. It recently revealed plans to debut the Thailand CBDC prototype payment system. This is coming after the successful completion of its CBDC project dubbed Inthanon.
BOT readies Thailand CBDC
On Thursday, the bank revealed it is looking to establish a prototype payment system for companies and other businesses intending to use the Thailand CBDC. The payment project is scheduled to debut by next month and will last till the end of 2020, as per the report by The Star.
The payment project comes as a feasibility check for the Thailand CBDC. It is aimed at enabling the integration of the country’s digital currency with enterprises and businesses across the country. The bank said it expects the prototype to enable efficiency in transactions for these businesses. Overall, it’s intended to deliver a more convenient transaction experience.
CBDC will improve Thailand businesses payments
Meanwhile, BOT will reportedly launch the prototype system of the digital currency in line with the knowledge they had garnered from the previous project, which is known as Inthanon.
This project was executed by the central bank, together with about eight different financial institutions in the country. Upon completion in earlier this year, Inthanon saw in the successful cross-border transaction to Hong Kong using CBDC.
At the end of this newly planned project, the bank would come up with a final conclusion about the long-proposed Thailand CBDC. Meanwhile, the report mentioned that the digital currency protocol system would be integrated firstly, with the Siam Cement company, as well as its suppliers.
The central bank of Thailand is confident that developments in financial innovation in the country will improve together with the business sector. It will propel a good foundation for technological advancements for both businesses and financial services.