Bank of Thailand will launch a prototype payment system based on its digital currency
The Central Bank of Thailand announced the development of a prototype payment system for enterprises using digital currency in their activities.
According to the announcement, a central bank digital currency prototype (CBDC) will be integrated with Siam Cement Public Company Limited and its suppliers within the project.
Best CryptoCurrency Exchange Sites To Buy/Sell All CryptoCurrency
This will allow the Central Bank of Thailand to assess the prospects for the introduction and subsequent expansion of the payment system, as well as the features of its adaptation. Actual tests will also help to conduct a feasibility study and develop an algorithm for integrating CBDC with existing business platforms in the country.
The Central Bank expects that this financial innovation will increase the efficiency of settlements and the speed of transfer of funds between enterprises. The launch of the project is scheduled for July 2020.
However, Thailand is still lagging behind other countries in terms of integrating blockchain into the financial sector. Since the Central Bank of Saudi Arabia has already begun to transfer funds to local banks through the blockchain, and the Bank of France has successfully tested the digital euro.