The central bank also expects the currency to become an alternative means of payment that partially acts as a substitute for cash. Firstly, a Retail CBDC would increase access to digital financial services and reduce cash management costs. The central bank is considering the format and criteria for participation in both tracks. However, he recommends the central bank sets a clearer target for Retail CBDC development beyond cash replacement because mobile banking accomplishes that now. "The regulator is paying too much attention to financial stability, rather than what people want when developing Retail CBDC," he said.

Source: Bangkok Post August 30, 2021 00:56 UTC