Bank of Thailand Plans Retail CBDC Pilot Test by End of Year [Business News Network (BNN) (Canada)]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Business News Network
the year, as the country assesses how the technology would work in its financial system. The BOT doesn't yet have plans to issue a retail CBDC, it said in a statement, explaining that “the issuance requires thorough consideration of benefits and associated risks for the financial system.” The pilot is part of a study to assess the suitability of technology and design, and will be conducted under a limited scale with selected participants. Read more: Why Central Banks Got Serious About Digital Money: QuickTake The BOT project will assess both the system's efficiency and safety including the technological design, and programmability, the statement said. This phase of testing will adopt technology developed by Giesecke+Devrient and is expected to begin at year-end and last until mid-2023. A retail CBDC is a digital form of banknote, and holding it is equivalent to holding banknotes, which are effectively risk-free. The International Monetary Fund says some 100 countries are at va
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