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Bank of Thailand Enters Third Phase of CBDC Development; Now “Using CBDC with Big Businesses”

The Bank of Thailand (BOT) announced Wednesday that is has entered third-phase development of its central bank digital currency (CBDC). BOT is planning to expand the use of the CBDC among large businesses. The report by The Nation of Thailand quotes Vachira Arromdee, BOT assistant governor saying the central bank is already using the CBDC for financial transactions with a number of big businesses. Thailand’s cement and building material provider, Siam Cement Group (SCG), and fintech firm Digital Ventures Company Limited were selected by BOT to pilot test the payment prototype system. In June, BOT announced plans to develop a…

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