Retail CBDC Pilot Program – Conclusion Report
Retail CBDC Pilot Program – Conclusion Report
- The BOT has been exploring the potential of CBDC in both wholesale and retail domains, with the Retail CBDC Pilot Program marking the latest milestone achieved by the country.
- In this report, we summarize the findings of Retail CBDC Pilot Program covering the testing of core functionality (Foundation Track) and the exploration of CBDC for financial innovation (Innovation Track). The pilot program partially conducted testing of the Retail CBDC’s end-to-end life cycle for real-value transactions, with industry participants acting as financial service providers (FSPs), and whitelisted users and merchants.
- From the pilot, the BOT envisions the capability of CBDC infrastructure to foster competition among FSPs, enable new financial innovations, and make more capable and cost-efficient services available to the public in the future.
- Nonetheless, the BOT has no immediate plan to officially issue Retail CBDC, but the BOT will use the results from the pilot, especially insights related to the technology design, to apply to new areas and future studies on enhancing the payment system.