The Bank of Thailand (BOT) announced progress on the development of a central bank-issued digital currency for use in the public sector (Retail CBDC) and opened a CBDC Hackathon between Aug 5 – 12 Sep ’22
The development of a Retail Central Bank Digital Currency (Retail CBDC) has been a concern for central banks around the world. and is under study and development because it has the potential to help develop the financial system in the future
Bank of Thailand sees the need to expand the scope of study and development of Retail CBDC to be used in a limited area (Pilot) together with the private sector. to assess the benefits and risks as well as formulate policies and improve the design of the CBDC in the future. This pilot phase of the Retail CBDC test plan is divided into 2 main parts:
1. Basic level test (Foundation track) to assess the performance and safety of the system including the form of applying technology to the small population It will test the use of payment for goods and services in a specific area. and in the group of approximately 10,000 users determined by the Bank of Thailand and the private sector that participated in the test 3 cases are Bank of Ayudhya Public Company Limited, Siam Commercial Bank Public Company Limited and 2C2P (Thailand) Company Limited. This will bring the company’s technology. Giesecke+Devrient to apply It will start from the end of 2022 until the middle of 2023.
2. Innovation track testThe ability to write programs (Programmability) which will facilitate the development of innovation on the Retail CBDC, creating new financial services that meet the needs of a wide range of users and help the BOT to improve the design of the CBDC that is suitable for the Thai context. In the future, the BOT will allow the private sector and the general public to participate in presenting business models (Use cases) in the development of retail CBDCs through the “CBDC Hackathon” program, which interested parties can apply during the day. On August 5 – September 12, 2022 by teams or people who have been selected for the final round will be consulted (mentoring) from financial institutions with expertise and experience in the Inthanon project5(See details from the Bank of Thailand website)
The Bank of Thailand reiterates that this Retail CBDC test is part of the study and development of Retail CBDC to assess the suitability of technology and design. The Bank of Thailand has no plans to issue retail CBDCs since issuing CBDCs requires thorough consideration of benefits and risks. because it may affect the country’s financial system
In addition, the BOT would like to warn the public to be wary of various forms of false claims that they can provide retail CBDC services or trick them into investing in the BOT’s Retail CBDC. will be limited to the user group that has been specified before.
In addition, the private sector and the general public will be open to presenting business models (Use cases) in the development of Retail CBDC through the “CBDC Hackathon” program, which interested parties can apply to participate between August 5 – 12. September 2022 by teams or people who have been selected for the final round will be consulted from financial institutions with expertise and experience in the Inthanon project
- 1st prize : Get cash worth 100,000 baht
- 2nd prize : Get cash worth 50,000 baht
- 3rd prize : Get cash worth 30,000 baht
See application details at https://bit.ly/3Swp1Cj
Bank of Thailand reveals the progress of CBDC development in the people’s sector, ready to launch the “CBDC Hackathon” project from 5 Aug – 12 Sep 65 appeared first on Bitcoin Addict.