Odaily Planet Daily News Siam Commercial Bank (SCB) has been working with Bank of Ayudhya (Krungsri), 2C2P Thailand, to develop a central bank digital currency application for the country’s digital baht. The initiative is part of the Bank of Thailand’s retail CBDC pilot, which is operating in a regulatory sandbox with local payment service providers and will run through the summer.
The app combines digital payment services, KYC verification and top-up procedures. Currently, it is limited to a selected group of around 10,000 people, which includes users and merchants of all payment providers, and around 3,000 employees from the SCB Group. However, the Bank of Thailand has no immediate plans to launch a digital currency. (Ledger Insights)