Last Updated on June 3, 2021 by Jason
The Bank of Thailand has hired Giesecke+Devrient, and technology company based in Germany, to develop a digital currency. The company was chosen to produce a proof-of-concept, and USD320,000 has been set aside for the task.
The international hiring of a firm means that the bank is planning to roll out cryptocurrency within the next three to five years. Back in April, the bank said that it had started to receive public responses on a retail cryptocurrency. A retail crypto is different from a wholesale crypto, because they are an extension of the nation’s traditional currency.
Wholesale, on the other hand, is more to do with the settlement infrastructure of the bank.