Thailand's Central Bank Taps German Payments Giant to Design CBDC Prototype

The Bank of Thailand (BoT) has hired German technology company Giesecke+Devrient (G+D) to develop a central bank digital currency (CBDC) prototype.

• BoT chose G+D for the proof-of-concept retail CBDC project, according to a procurement announcement on Sunday.
• The bank has allocated 10 million baht (US$320,000) for the project, which includes taxes, transportation, registration fees and other expenses.
• G+D generated revenue exceeding €2.3 billion (US$2.7 billion) in 2020.
• The hiring of an international technology provider signals the bank is moving in line with its three- to five-year target for rolling out a CBDC.
• The bank announced in early April that it had begun accepting public feedback on its retail CBDC, with an end date of June 15.
• Retail CBDCs differ from wholesale CBDCs in that they are digital extensions of a nation's currency, while wholesale CBDCs refer to interbank settlement infrastructure.
• G+D and BoT had not responded to a CoinDesk request for comment by the time of publication.

See also: Central Banks of China, UAE Join Blockchain-Based CBDC Payments Project

UPDATE (June 2, 18:36): Updated to reflect that G+D's yearly revenue was in EUR, not USD.