24/7 Cryptocurrency News

Thailand Postpones Its CBDC Pilot Program To Late 2022

Published by
Thailand Postpones Its CBDC Pilot Program To Late 2022

Thailand has announced its plans to postpone the testing of its central bank-issued digital currency (CBDC) until late 2022. Recall that the testing was initially slated for Q2 2022, but has now been rescheduled to later in the same year.

Advertisement

Thailand Postpones CBDC Test

According to Reuters who shared the rescheduling report, Thailand is looking to use the CBDC as an alternative payment option to replace cash.

And while the postponement may have been confirmed, the reason behind the central bank’s decision is yet to be ascertained. Although, the deputy director at the Bank of Thailand, Kasidit Tansanguan may have hinted about a laser-focus aim at efficiency that may require working at a slow pace.

Thailand can still take a gradual step in the retail CBDC to ensure efficiency and prudence as it does have a problem with fund transfers or payments as some other countries,” he said further.

But despite the delay, it is still expected that the testing phase will be used to carefully analyse the use of CBDC as it pertains to transactions and how it can complement cash payments.

For the pilot project, about 10,000 users alongside a few financial institutions will test the digital currency for offline and online transactions including withdrawals, deposits, and fund transfers.

Advertisement

CBDC Grows In Popularity As The World Goes Even More Digital

Without any doubts, the world is definitely going digital. Reasonably so however, especially seeing as COVID cases are now becoming rampant. Now globally, these genuine concerns have caught the attention of most central banks as they continue looking for ways provide an alternative to cash transactions.

In fact, some nations have now gone past the testing phase and are already using their CBDC. For instance, Nigeria and Bahamas are already actively using their CBDCs, whereas other countries like Ghana and China and already in the testing phase that precedes the roll-out.

Recall however, that central banks have insisted that CBDC will not entirely replace cash, but just complement it.

Advertisement

Share
Mayowa Adebajo

Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act

A dispute between crypto stakeholders and traditional banks has reemerged as lawmakers in the Senate…

September 30, 2025
  • 24/7 Cryptocurrency News

Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says

Bloomberg analyst James Seyffart has shared his thoughts on a potential approval of the pending…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns

Cleveland Federal Reserve President Beth Hammack has advocated for a restrictive monetary policy amid growing…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments

Federal Reserve Governor Chris Waller has said that stablecoins and public blockchains could cut cross-border…

September 29, 2025
  • Blockchain News

LBank Celebrates 10 Years With Bold Achievements and Global Expansion

Crypto exchange LBank has announced a historic partnership as the regional sponsor of the Argentina…

September 29, 2025
  • Bitcoin News

Breaking: Strategy Buys 196 Bitcoin as Michael Saylor Says ‘Always Be Stacking’

Strategy, previously MicroStrategy, has announced another weekly Bitcoin purchase, despite the decline in the flagship…

September 29, 2025