Bank of Thailand Tests Potential of a Retail CBDC, the Digital Baht

The Bank of Thailand (BOT) has released a report on its Retail Central Bank Digital Currency (CBDC) pilot project, conducted using Giesecke+Devrient’s (G+D) technology solution. The project tested the digital version of the Baht and its potential for financial innovation, delivering key lessons on the capabilities of a CBDC in supporting multiple online and offline retail payment use cases, said to be serving as a catalyst for innovation, providing open infrastructure accessible by all types of payment service providers, and increasing resilience as an alternative to the existing payments infrastructure. The pilot project used G+D’s Filia retail CBDC solution, and while there is no concrete plan to officially issue a retail CBDC, the BOT will utilize the findings for future studies to enhance the payment system.