The Replacement of Digital Currency for Fiat Money Won’t Go on as for Three-Five Years

January 1, 2019

As indicated by the Bank of Thailand (BoT), the process of switching from using cash to virtual currencies takes three to five years to be taken place. Such opinion of bank governor was published by the Thai News Agency (TNA) – a subsidiary of the Thai state-owned public broadcaster on November 17.

Because of complication[s], a readiness of people and efficiency of technology” was announced by Dr. Veerathai Santiprabhob – the central bank’s governor to be one of the reasons why a digital currency would not substitute fiat money straightaway.

Although no bank-backed digital currency (CBDC) has been issued by the BoT, the central bank of Thailand is working on a pilot scheme testing the use of virtual money “for settling payment among financial institutions”, reported by the TNA. Besides, the article also demonstrates:

The BoT hopes that full implementation of using digital currency among financial institutions would take place during the first quarter of 2019.

As stated by Cointelegrapg on November 14, Christine Lagarde – the head of the International Monetary Fund (IMF) pushed the international community to consider the possibilities of endorsing CBDCs.

Back in July, the Thai central bank’s Santiprabhob had unveiled that BoT was examining cross-border payments applying blockchain to “improve regional financial connectivity,” Cointelegraph wrote Jul. 14.

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