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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.