Thailand Invites German IT Company to Develop CBDC

by in Cryptocurrency News

Thailand

In early April, the Bank of Thailand proclaimed its intention to begin testing the national digital currency (CBDC) as early as 2022.

Media reported this week that the Central Bank has attracted a German tech company to develop its token. Giesecke + Devrient (G + D) will participate in the creation of infrastructure for processing digital currency transactions.

It is this team that will create a prototype CBDC pegged to Thai fiat currency.

Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M

From the procurement materials, it follows that the German company will receive 10 million baht or $ 320,000 for participating in the CBDC launch project. This amount also includes the cost of taxes and other compensations.

The journalists also found out that last year the total revenue of Giesecke + Devrient was above $ 2.3 billion. The Thai Central Bank previously announced that its token should appear on the country's domestic market within the next three to five years.

Representatives of Giesecke + Devrient and the Bank of Thailand have not given any official comments yet. However, it is known that the regulator has attracted the expert community to discuss its project to create a CBDC.