The Thai nation report quotes Vachira Arromdee, BOT Assistant Governor, saying that the central bank is already using the CBDC for financial transactions with a number of large companies.
Thailand's cement and construction material supplier Siam Cement Group (SCG) and Fintech company Digital Ventures Company Limited were chosen by BOT to evaluate the payment technology program on a pilot basis.
In June, BOT announced plans to develop a prototype to test the real-life business use of its CBDC cases. The concept draws on the expertise developed by Project Inthanon, a joint effort between BOT and eight financial institutions.
First, the BOT will continue to use the digital currency for purchases with the Hong Kong Monetary Authority beginning in September.
Arromdee notes that BOT is now dreaming about "expanding the usage of cryptocurrencies to the general public."Nevertheless, she warns that some more steps may be taken only after the conclusion of a thorough review currently underway. The research attempts to determine the possible effect of digital currency on the financial sector.
Arromdee assumes that "cryptocurrency can have a negative effect on commercial banks by eliminating the need for an intermediary in financial transactions."
On the other side, "it will reduce the prices of financial purchases."
Source: Bitcoin.com
