Bank of Thailand is developing digital currency

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The governor of the Bank of Thailand (BoT),Veerathai Santiprabhob.

The governor of the Bank of Thailand (BoT) has emphasized that the central bank is seriously developing a digital currency and a system for the exchange of transaction data to help small and medium enterprises (SMEs) and businesses easily access financial services.



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During his speech in the Digital Transformation for the New Normal event, Veerathai Santiprabhob said that central banks worldwide placed importance on the Central Bank Digital Currency and BoT produced its prototype and was making progress in trying it for payments among local and foreign banks.

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The trial also covered payments for bonds and the use of biometrics for people identifications. Besides, BoT was developing a financial service platform that would facilitate consumers’ access to financial services and go along with the global trend of platform economy, Mr Veerathai said.



In addition, BoT planned to expand its infrastructures to reach more businesses with the ISO 20022 standard and the plan would take shape in a year. The central bank also had a project to use in-depth information related to individual transactions to improve services for customers, the governor said.

He added that BoT improved criteria for digital personal loans by introducing more flexible risk assessment to provide people with more opportunities to seek financial services. The central bank was also developing a central database that would support digital factoring for the benefits of SMEs, Mr Veerathai said. (TNA)