The adoption of central bank digital currency issued by the Bank of Thailand
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2024
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2567
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eng
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218 leaves
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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Oranart Wannapinyo (2024). The adoption of central bank digital currency issued by the Bank of Thailand. Retrieved from: https://repository.nida.ac.th/handle/123456789/7118.
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The adoption of central bank digital currency issued by the Bank of Thailand
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Abstract
Central bank digital currency is a novel issue that has garnered the attention of over 90% of central banks worldwide. At present, the Bank of Thailand is conducting an examination of the digital currency it has issued, which will be referred to in the present work as the “digital baht”. The study comprises three research objectives: 1) to investigate and comprehend the factors that influence the acceptance of the digital baht issued by the Bank of Thailand; 2) to evaluate the perspectives of policymakers, policy implementers at the macro level, and policy implementers at the micro level regarding the digital baht’s acceptance; and 3) to suggest guidelines for the establishment of the digital baht’s acceptance in Thailand.
This research employs qualitative research methodologies, including in-depth interviews, and documentary data analysis. A specific selection group was chosen from those that possess knowledge or comprehension of the digital baht for the in-depth interviews. A total of 26 individuals, including representatives from the Bank of Thailand (BOT), government organizations, the Securities and Exchange Commission (SEC) of Thailand, private organizations such as commercial banks that had previously participated in the pilot testing of the digital baht, and the public, were involved in the pilot testing of the digital baht. Subsequently, interview tapes were transcribed, essential content was analyzed, the essence of the narratives was selected through inductive analysis, and the research findings were summarized.
The research findings indicate that the acceptability of the digital baht issued by the Bank of Thailand is influenced by three critical factors: 1) the perceived advantages or benefit factors; 2) cooperation factors; and 3) confidence or trust factors. Nevertheless, the groups were seen to have varying perspectives on the digital baht’s adoption. The acceptance of the digital baht is primarily determined by the factor of confidence, according to policymakers (e.g., the Bank of Thailand). The most significant factor for the macro-level policy implementers (e.g., government agencies and the SEC) is cooperation. In contrast, the perceived benefits of the digital baht are the most significant factor in the acceptance of the digital baht according to micro-level policy implementers (e.g. commercial institutions, the private sector, and the general public). Therefore, it is crucial to evaluate the appropriateness of the digital baht’s approval strategies for each group.
Important recommendations to promote the digital baht include the support of knowledge and public relations, the establishment of security standards, the support of infrastructure, the implementation of incentives for use, and the creation of an offline digital baht or supporting card. Nevertheless, in order to effectively and sustainably establish the digital baht’s acceptance in Thailand, policymakers and policy implementers must consider the population’s unique characteristics, including age, education, access to infrastructure, and financial services.
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Thesis (Ph.D. (Public Administration))--National Institute of Development Administration, 2024