Bank of Thailand Governor: No Central Bank Digital Currency Within 3-5 Years

Thai citizens will have to be patient in the wait for a retail central bank digital currency that will save them from carrying cash around.

Thai citizens will have to be patient in the wait for a retail central bank digital currency that will save them from carrying cash around.

According to the governor of the Bank of Thailand (BoT), Veerathai Santiprabhob, plans to switch from cash to a digital currency will not happen within the ‘next 3-5 years’. This is because the process of creating a central bank digital currency (CBDC) ‘is not easy’ and is time-consuming due to the complex nature of the monetary system.

Santiprabhob noted that though there has been significant progress with regards to CBDCs in some developed countries, it will be harder to replicate that success in developing countries within the next half a decade.

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