The Bank of Thailand (BoT) will begin piloting its retail central bank digital currency (CBDC) in the second quarter of 2022, according to a published report.

Thailand’s central bank assistant governor announced Friday it is open to accepting public feedback on its retail CBDCs by June 15.BoT said the main objective of the currency is to provide citizens with access to more convenient and secure financial services.The bank is planning to fully implement the currency over the next three to five years, according to a Reuters report.The CBDCs will be aimed at providing access to convenient and secure financial services and “it will not affect the Thai financial system,” Vachira Arromdee, the assistant governor of the financial markets operations group, Bank of Thailand, said at a briefing, according to Reuters.In March, BoT said it will issue regulations on asset-backed stablecoins later this year after warning against the illegal use of a baht-denominated stablecoin that was created outside the country.

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