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ARTICLE · 08 JUNE 2021

Central Bank Digital Currencies Explored In Thailand, Japan And Sweden

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The main objective of the BOT's exploration of Retail CBDC is to provide citizens with broader access to secure financial services.

GlobalTechnology
Veronica Reynolds
Veronica Reynolds
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According to a recent press release, the Bank of Thailand (BOT) is seeking public comment on the issuance and development of a Retail Central Bank Digital Currency (CBDC), an easily portable "digital form of money issued by the central bank comparable to physical banknotes," which can be used in online and offline financial transactions. The main objective of the BOT's exploration of Retail CBDC is to provide citizens with broader access to secure financial services. The BOT seeks to pilot Retail CBDC in spring 2022.

Similarly, the Bank of Japan recently announced plans to experiment with CBDC this year "to test the technical feasibility of the core functions and features required for CBDC." Phase 1, Proof of Concept, began this week, with the goal being to "develop a test environment for the CBDC system and conduct experiments on the basic functions that are core to CBDC as a payment instrument such as issuance, distribution, and redemption." Phase 1 is

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