Thailand’s central bank launches retail CBDC testing

The regulator allows selected banks and testers to work in a legal sandbox mode in order to check in real-time how the regulation is working and determine if the law needs to be improved.

According to the Central Bank of Thailand, the mass adoption of the Crypto baht is still about five years away, despite the practical application of CBDCs. During this period, the mBridge cryptocurrency wholesale exchange project will continue to develop, with the first phase being completed in September this year.

The platform created should ensure the integration of Crypto baht into international payments. The mBridge project was created as an “Asian Hub” with the support of the World Bank (BIS), with the participation of the central banks of the United Arab Emirates, Thailand, Hong Kong and China.

As a result of wholesale transactions, 156 transactions worth $22 million were made from Aug. 15 to Sept. 23. The mBridge system processes cross-border payments in 3-5 seconds, including issuance and issuance-redemption operations.

Source of information: compiled from CRYPTOR by 0x information.The copyright belongs to the author Иван Петров, and may not be reproduced without permission

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