Bank of Ayudhya (Krungsri), Siam Commercial Bank and Singapore-based payment services provider 2C2P have worked together on a Bank of Thailand pilot project focused on launching a retail CBDC as part of a regulatory testing framework, local publication Bangkok Post has reported.
The digital currency will reportedly be tested on applications specially created by employees of organizations and some businesses located near its headquarters.
The experiment, in which up to 10,000 users will take part, will reportedly last until August.
In addition to payments for goods and services, another use case for digital baht for retail users could be the payment of social benefits.
The Bank of Thailand has said the project is "a pilot study" rather than a follow-up launch. The regulator reportedly has no official plans to launch a CBDC.
The tests are expected to run from late 2022 to mid-2023. The head of Thailand's central bank, Setaput Sutivartnarueput, has previously said the retail launch of the digital baht could be delayed by up to five years.