Another Central Bank is planning to launch its crypto coin

by in Cryptocurrency News

Thailand

The number of countries wishing to develop their digital currency continues to grow.

This week, the Central Bank of Thailand announced the launch of a project to create its token (CBDC). The regulator’s statement notes that before the official release of the cryptocurrency, it is planned to test its capabilities within the framework of a specific ecosystem.

The Central Bank plans to attract large Thai enterprises to it. It is already known that the regulator wants to use the largest supplier of construction materials Siam Cement Group and the fintech company Digital Ventures Company to test CBDC.

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The start of the project is scheduled for July this year. The Central Bank expects to complete testing the capabilities of regulated cryptocurrency by the end of the year.

After the CBDC tests are completed, the Central Bank will evaluate the results of the work and decide on the feasibility of a regular launch of a virtual coin. Developers will create a payment network based on the capacities of the Central Bank and other large banks of the country.

Note that the Bank of France recently announced the beginning of testing software for transactions with its token and proclaimed preparations for the official release of CBDC on the market. That is a digital version of the euro.