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Top cryptocurrency news: Bank of Thailand to pilot Retail CBDC by the end of 2022

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In addition to its wholesale central bank digital currency (CBDC) programs and proof-of-concept Retail CBDC testing with corporates, the Bank of Thailand (BOT) will expand the scope of CBDC development focused on retail to a pilot phase. 

A possible real-life implementation of the Retail CBDC will be carried out on a small scale within the private sector.

According to an announcement made on the BOT's official website on August 5th, the BOT will evaluate the Pilot's advantages and disadvantages in order to develop pertinent policies and enhance the CBDC design in the future.

The pilot has been divided into two tracks. During the first, dubbed the "Foundation track," CBDC will be evaluated in cash-like activities, such as paying for products and services, in restricted regions and on a scale of 10,000 retail customers. The project will involve three companies: the Bank of Ayudhya, Siam Commercial Bank, and 2C2P. The testing should begin at the end of 2022 and extend until the middle of 2023.

A second phase, named the Innovation track, will focus on introducing novel CBDC applications. The public and commercial sectors will have the opportunity to showcase their Retail CBDC use cases at a CBDC Hackathon, which will take place from August 5 to September 12, 2022. Participants that are selected will be mentored by seasoned financial organizations.

Meanwhile, the BOT does not intend to introduce Retail CBDC because doing so would necessitate a full examination of the risks and advantages to the financial system as a whole.

Despite the controversy surrounding the Singaporean exchange Zipmex, which halted withdrawals for users in Thailand in July, Thailand's financial regulator, the Securities and Exchange Commission (SEC), granted operating licenses to four digital asset operators on August 4. As the bull market gained traction, crypto volumes in Thailand increased about 600 percent in early 2021.

Read also: Top cryptocurrency news: This Company Makes Major Crypto Investments During a Recession, Following Blackrock

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