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April 2, 2021updated 06 Apr 2021 6:46am

Thai digital currency to trial in 2022

By Douglas Blakey

The Thai central bank The Bank of Thailand is to test a Retail Central Bank Digital Currency (CBDC). And the BOT is now seeking feedback on the subject.

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Retail CBDC is a digital form of money issued by the central bank comparable to physical banknotes. Moreover, it can be used in financial transactions both online and offline.

Retail CBDC is easily portable and has the potential to be used in various innovative financial services.

The BOT’s main objective in exploring Retail CBDC is to provide citizens with access to more convenient and secure financial services. In addition, the development of a Retail CBDC will support a technology-led future that is efficient and cost-effective. At the same time, it can contribute to the development of more diverse and innovative financial services.

The development of a Retail CBDC is a key milestone. It offers the potential to alter the financial infrastructure and ultimately the financial landscape. And so, this could cause broad changes in the roles of many stakeholders.

Thai digital currency: potential risks

The BOT has published a paper titled ‘The Way Forward for Retail Central Bank Digital Currency in Thailand’. This aims to foster understanding about CBDC and further discussion on this matter.

The report also identifies a number of risks summarised as follows. Firstly, disintermediation of financial intermediaries and the exacerbation of bank runs, especially in times of financial crises. In addition, the BOT recognises the cost of maintaining high security standards and public trust in the CDBC system.

Looking ahead, the central bank plans to begin testing a digital currency next year. It would then aim to implement fully over the next three to five years.

DCash goes live

Meantime, the Eastern Caribbean Central Bank’s digital currency, DCash is going live.

DCash is a securely minted digital version of the Eastern Caribbean dollar issued by the ECCB. It aims to offer a safer, faster, cheaper way to pay for goods and services. And users can send EC funds to other DCash users using a smart device. Consumers and merchants sign up to use DCash by downloading the DCash App from the Google Play or Apple Store. The ECCB has been working in partnership with Bitt Inc for over two years to develop this digital version of the EC currency. As in Thailand, the aim is to increase financial inclusion and competitiveness.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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