The Bank of Thailand said on Friday it expects to test its retail central bank digital currency (CBDC) for the public in late 2022, later than planned, as an alternative payment option. The retail CBDC is not to compete with cryptocurrency or stable coins but aimed at reducing financial costs, he added. A retail CBDC is a digital form of money issued by a central bank comparable to physical banknotes. It can be used in financial transactions both online and offline. The central bank, however, has said it does not support use of digital assets, such as bitcoin and ether, as payment for goods and services due to risks.

Source: Bangkok Post December 24, 2021 22:23 UTC