Thailand considers issuing its own electronic currency

[BinhZed]

According to the Bank of Thailand, the use of e-currency by the banking system will reduce transaction processing time and time of confirmation, as well as reduce transaction costs.

Bank of Thailand Governor revealed in a speech yesterday that the Bank of Thailand is considering the release of its own electronic currency.

In particular, in a speech on Thailand's economic development at the Singapore-based Nomura Investment Forum (NIFA) in Singapore, Governor of the Bank of Thailand, Veerathai Santiprabhob talked about a new project in which Ngan Central banks and other Thai banks will work together and develop a new way of dealing with domestic banks, a new kind of electronic money will be issued by the Central Bank of Thailand It is called CBDC.

Theo Ngân hàng Trung ương Thái Lan cho biết, việc sử dụng đồng tiền điện tử của chính hệ thống ngân hàng sẽ làm giảm thời gian xử lý giao dịch và thời gian xác nhận, cũng như giảm chi phí trong giao dịch.

Governor Veerathai Santiprabhob noted that banks do not favor CBDC, but will focus on exploiting the potential of technology, such as blockchain. The governor stressed that financial institutions are a "coordinator of innovation," but also an "adjustment to safeguard domestic financial stability":

Like other central banks, our goal is not to immediately bring CBDC into use, but rather to explore its potential and implications for other activities.

In addition to considering the release of the new electronic currency, the Governor also talked about the benefits of the financial system through blockchain technology, and stated that other banks in Thailand are working closely with the Central Bank To be able to apply blockchain technology in practice.

Recently, in Vietnam during the interrogation session on June 6 when some members of the National Assembly talk about the management of electronic money Bitcoin questioning Deputy Prime Minister Vuong Dinh Hue, National Assembly Chairman Nguyen Thi Kim Bank immediately: Vietnam's law does not allow the circulation of electronic money.

[1714989925]

1714989925

[qiman]

I wonder though how this will affect the paper Baht currency. I think mainly banks will use the blockchain to facilitate speed of transactions rather than stopping to print paper money. Although it will be good to see how Thailand emerges in this digital currency space and how it will progress. Any adoption of blockchain technology is a good thing in my books and as I want to visit Thailand one day with my Wife I will want to know by then at what level they implement it.

[paulscathedral]

Its definitely good news. Cryptocurrency and blockchain distributed around the world, and we can soon see the dawn of these technologies. Sure, now we are on the verge of something great.

[arpon11]

This is another plus for cryptocurrencies lover and we need more of this good news than bad news because of the state of the market.  Thailand introducing they one cryptocurrencies or e-currency will create more adoptions by business and individuals around that region.

[gary_57]

The firld of e currency is improving day by day. But, let's see how long it exists and get popularity to people.

[masterchief001]

Electronic money has been used extensively in a number of countries around the world. Thailand is considering and regulating the use of electronic money. The Bank of Thailand said the use of e-money by the bank would reduce transaction processing time and time to validate and reduce costs.

[AirFlame]

Honestly I'm Thai but I still don't understand what gonna happen in Thailand.
Cryptocurrency not that popular in Thailand.It's such a good news though.

It's not that popular in Thailand? Dude you being serious? Indochinese people are by far the largest contenders of ICO bounties and airdrops. Don't take this personal but usually they are a bit short on intelligence. But half of them can't even understand what you wrote.

On the other hand, that is great news! They'll delve into the potential of blockchain, more research, more and more!

[TXCEO]

I think Thailand does not have this strength. I think Thailand's coin investment is of little value. Because Thailand's own economy is not ideal. It is not like Japan.

[Anton1105]

Recently, banks began to accept the cryptocurrency, including the JPMorgan bank, I very much hope that soon we will see a green color in the cryptocurrency market.

[farhiamunni]

Its a great news indeed. Cryptocurreny is widely spreading around the world. It really feels great to see that everyone is accepting it without any doubt.

[5ensei]

I think Thailand does not have this strength. I think Thailand's coin investment is of little value. Because Thailand's own economy is not ideal. It is not like Japan.

Their own local economy is not developed well but in built up areas there is a lot of tourists that would be willing to pay using electronic currency. Also, it would attract crypto investors to visit as they can convert their bitcoins to it and spend in their country

[tng811]

If this is true, it will be awesome news. The crypto industry needs more friendly countries and more adoption like this. And we will soon see crypto market skyrocket again

[makishart]

Electronic money has been used extensively in a number of countries around the world. Thailand is considering and regulating the use of electronic money. The Bank of Thailand said the use of e-money by the bank would reduce transaction processing time and time to validate and reduce costs.

That's why the majority of countries are considered to use it soon. I remember that EU has already considered to use its own crypto in the future and the reliable news has told me about it will be save more than 75 billions through use the online payment system. And this is interesting to watch. I would like to see more and more countries are moving toward digital currency.

[moeth]

If they really take such measures, I will definitely buy the electronic money that they issued. I think this is a good opportunity to make money! I look forward to its arrival!

[blue08]

That would be great. If other country will see that and the transaction is working smoothly, for sure they will adopt it also.  
There must be a country that will start using a digital currency so the others will follow and will not be afraid of using blockchain.

[oscarrsm]

I've never been in Thailand before, but I've always wanted to visit this wonderful country. Now a lot of countries are joining payments in cryptocurrencies - Switzerland, Australia, Thailand. And this list of countries is increasing every day. I have not been to any of these countries. But I would be delighted if I could pay for something using cryptocurrency.

[Kmoris]

The bank of Thailand says that the use of electronic currency by the banking system will reduce the transaction processing time and the time of confirmation. As well as will reduce the cost of transaction.

[petloer]

This types of news always makes happy each of the investor. Nowadays crypto becoming popular whole the world. For this reason peoples are more invest on this market.

[caisa88]

I think this will happen in the future in very many countries, and at some point all countries will adopt this. The benefits of using electronic currency are just too big to ignore.

[mobilezz]

But this is very interesting, but probably this money will only be valid within the country and no more. Made for the domestic market and verification of how it will affect the economy and other sectors of the country's development.