Thailand continues to advance its digital payment landscape through a phased approach. The Bank of Thailand (BOT) began with wholesale Central Bank Digital Currency (CBDC) pilots under Project Inthanon and mBridge and Retail CBDC project. Building on this momentum, the BOT launched the Programmable Payment Sandbox (Stablecoin Sandbox) in 2024 — later expanded in December 2025 — to safely test Thai Baht backed stablecoins and programmable payment solutions. Looking ahead, tokenized deposits are emerging as a promising next step — offering…
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