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

The hiring of a large international technology provider signals the bank is on schedule for launching its digital currency.

AccessTimeIconJun 2, 2021 at 3:00 a.m. UTC
Updated Sep 14, 2021 at 1:04 p.m. UTC

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.

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC