The Bank of Thailand (BoT) stops its CBDC program.

The Bank of Thailand (BoT) has stopped working on a central bank digital currency (CBDC) because there are already other ways to pay online.

In an interview at the 2022 World Economic Forum, the governor of the Thai Central Bank, Mr. Sethaput Suthiwartnarueput, said that he doesn’t think it’s that important to roll out CBDC right away.

So, the central bank said that the Bank of Thailand will keep doing its retail CBDC public trial in the fourth quarter of 2022. But this will be done on a small scale, with testing of deposits, withdrawals, and transfers by financial institutions.

Suthiwartnarueput said that he was happy with the online payment options that are already available, like Promptpay and different QR code payments. He also said that smart contracts could lead to “unintended consequences” and design concerns when blockchain technology is used.

In a campaign called “Thailand 4.0,” the government of Thailand, which is backed by the military, is pushing mobile technology hard. But many of the new QR-code-based solutions haven’t worked because most of the country’s older people don’t have smartphones and don’t use them much.

In other news, Thai cryptocurrency traders have heard some good news. The Bangkok Post says that the government will not charge 7% VAT on crypto transactions until the end of 2023.

From now until December 31, 2023, all transfers of cryptocurrencies and digital assets on approved digital asset exchanges will not be taxed.

Akaradet Diawpanich, CEO of Cryptomind Group Holdings, said that investors would rather not have to pay taxes on crypto trading and earnings. He said that taxes are the main thing that is making it more expensive to invest in digital assets.

The new rule adds to a March rule that exempted cryptocurrency from VAT and capital gains tax. On the other hand, it is now against the law in the Kingdom of Saudi Arabia to pay with digital assets.

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