The Bank of Thailand (BoT), the country's central bank, has hired the services of German payments giant Giesecke+Devrient (G+D) to assist in the development of its retail central bank digital currency (CBDC), according to the announcement.
The country's central bank has hired the services of the tech firm so that it participates in its retail CBDC proof-of-concept project, to which the institution has allocated 10 million baht (around $320,000).
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The move is in line with the bank's plans, which intends to launch its own digital currency within 3-5 years.
In early April it was known the bank had opened a public consultation on its future CBDC in order to receive feedback from users. The consultation will be open until next June 15.
It should be noted that retail digital currencies are basically a digital extension of a country's official currency.