Thailand’s Central Bank Not Rushing in Adopting CBDC, Crypto VAT Gets Delayed

Sethaput Suthiwartnarueput, the governor of Thailand’s central bank, said the country already has enough payment choices, so “the necessity to roll out CBDC is not that high.” According to sources, the remarks were made during an interview with local media this week at the World Economic Forum’s Annual Meeting 2022 in Davos. The BoT will continue to undertake a public trial of the retail CBDC in the fourth quarter of this year, according to the central banker. However, it will be done on a small scale, with financial institutions testing deposits, withdrawals, and fund transfers. Thailand Central Bank Not Rushing to Deploy CBDC, Crypto VAT Gets Delayed 🔗 Read more: https://t.co/oyceFdeY6A — BeInCrypto (@beincrypto) May 27, 2022 Thailand’s central bank, like most in the region, is adamantly opposed to decentralized cryptocurrencies and has threatened to intervene. Thailand’s Central Bank believes there are enough payment options available. Suthiwartnarueput stated that existing online payment choices such as Promptpay and various QR code payment methods were satisfactory to him. He also claimed that smart contract design concerns and ‘unintended consequences’ can arise from the use of blockchain technology. Thailand’s military-backed administration is promoting mobile technology aggressively under the banner of “Thailand 4.0.” However, many of these new QR-code-based methods have proven to be ineffectual or too difficult to us...