The Bank of Thailand recently conducted a pilot programme to test the feasibility of a retail central bank digital currency (CBDC), and the key findings have now been revealed. The pilot programme, which ran from July to September 2021, aimed to assess the potential benefits and challenges of introducing a digital currency for retail use in Thailand.
One of the key findings from the pilot programme was that there is significant interest among consumers in using a retail CBDC. Participants in the pilot programme reported that they found the digital currency to be convenient, secure, and easy to use. Many participants also expressed a desire for the Bank of Thailand to move forward with the development of a retail CBDC.
Another key finding from the pilot programme was that a retail CBDC could help to promote financial inclusion in Thailand. Participants in the pilot programme reported that they found it easier to access financial services and make payments using the digital currency. This suggests that a retail CBDC could help to bridge the gap between those who have access to traditional banking services and those who do not.
The pilot programme also revealed some challenges that would need to be addressed before a retail CBDC could be rolled out on a larger scale. For example, participants in the pilot programme reported concerns about privacy and security when using a digital currency. The Bank of Thailand would need to implement robust security measures to address these concerns and ensure that consumers feel confident in using a retail CBDC.
Overall, the key findings from the Bank of Thailand’s retail CBDC pilot programme suggest that there is strong potential for a digital currency to be introduced for retail use in Thailand. The pilot programme demonstrated that consumers are interested in using a retail CBDC and that it could help to promote financial inclusion in the country. However, there are also challenges that would need to be addressed before a retail CBDC could be implemented on a larger scale. Further research and testing will be needed to determine the best way forward for introducing a retail CBDC in Thailand.