This project is an important step in expanding CBDC’s scope

The Bank of Thailand plans to launch digital currency. Source:?shutterstock.com

The Bank of Thailand (BOT) has announced the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC). The rollout will begin in July and is expected to conclude by the end of 2020

The new project is expected to enable higher payment efficiency for businesses. It includes increasing flexibility for fund transfers or delivering faster and more agile payments between suppliers.

According to the report, the plan builds on Project Inthanon, the collaborative project between the BOT and the 8 leading financial institutions finished in January 2020.

We’ve reported that the first transaction using French central bank digital currency performed.

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