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    BOT Cancels Waivers Granted During Pandemic, Issues CBDC Update

    August 08, 2022

    A recent Circular form the Bank of Thailand (BOT) cancels the waivers granted for data report submissions and regulatory compliance during the COVID-19 situation. The Circular, which goes into effect from September 01, 2022, states that required datasets and reports must be delivered at regular intervals from September 2022 onward and the datasets and reports for which waiver had been granted must be gradually delivered "within" the end of October 2022. The circular is relevant for domestic and foreign commercial banks, retail lenders, and finance companies, among others. Additionally, BOT outlined progress on the development of a retail central bank digital currency (CBDC).

    In the recent CBDC update, BOT indicates a need to expand the scope of study and development of the retail CBDC for real-world applications (pilot phase), together with the private sector, to assess the benefits and risks as well as formulate policies and improve the design of the CBDC in the future. The pilot phase of retail CBDC test consists of two main parts: one is the foundation track testing and innovation track for programmability. Foundation track testing, from the end of 2022 until the middle of 2023, will assess the performance and safety of system by testing the use of payment for goods and services in a specific area; the other is the Innovation track, which will facilitate the development of innovations on the retail CBDC, creating new financial services that meet the needs of a variety of users and helping BOT to improve the CBDC design that is suitable for the Thai context. BOT also notes that it has no plans to issue a retail CBDC at this time.

     

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    Keywords: Asia Pacific, Thailand, Banking, Reporting, CBDC, Central Bank Digital Currencies, Regtech, Covid 19, Lending, Basel, Suptech, BOT

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