Thai Government Ready to Accept Digital Money

Colin Baseman

Asia has been developing and growing at a tremendous speed. Its many areas and spheres have improved a lot and many projects have recently been implemented. Among the most progressive Asian countries are Japan and China. However, Thailand is not less willing to accept the most recent innovations and change the usual course of matters across the entire country’s territory.

According to the leading mass media outlets, the Bank of Thailand has fully prepared to launch a new project. Its pilot version looks attractive to the government as well as the nation on the whole. The team that developed the idea is planning to test its system and see how good it is for CBDC payments. What makes the pilot version so attractive to the society is that the team collaborates with the most prominent provider specializing in building materials.

Source of image: https://www.bot.or.th

The Bank of Thailand keeps the nation informed and reports that its institution intends to keep on creating a prototype – the authorities are willing to test the idea and see how useful and efficient it is in real life. Bankers will see if their organization can rely on the new system and whether it’s right for their CBDC.

Official representatives announced that before they launch the digital currency and let the new payment system function and operate, they need to test it on several businesses. Only after that will it be clear if their idea might be applied to all spheres. Some participants are said to be large-scale enterprises who are ready to take part in the experiment.

Another interesting fact is that the team established a partnership with a strong provider known across the entire country. The company is focused on building materials as well as cement. The two sides are ready to test the system to see how good it may be as a payment option.

The System That Will Improve Services

The partners have scheduled the launch and the date they wish to start it is next month. How the system works and whether it is ready enough to be implemented will be clear by the end of the year. With the new and more innovative payment system, the authorities will be able to keep developing even more advanced alternatives. What they prefer is a system that features high flexibility. Most banks are interested in fast payments and flawless transfers.

After the pilot version, the bank will establish and evaluate the system and its feasibility. No doubt, the integration process will need to be easy since it is supposed to appear on other platforms some businesses run. The bank’s officials claim that their institution will create a prototype and will try to learn from the experience introduced by Intathon. The team completed the mentioned project in January and since then they have learned even more to be able to build something greater.

The potential of the payment system is undeniable and some major Asian countries are now reviewing the idea. For instance, China has pioneered in this area and its banks have already experimented with this kind of innovation. It is not yet reported when the native currency will become digital, but the government is willing to accept the newest technology and reshape the current system.

In some banks, there are vacancies for project managers who are ready to deal with CBDC. This means that more and more banks are ready to make changes and improve their services by offering digital currency to a wider population. Business owners also pin their hopes on the payment system that will allow them to transfer funds faster.