Bitkub Capital CEO Jirayut Srupsrisopa (also known as “Topp”) said that Thai central bank will be implementing a central bank digital currency (CBDC) for the Thai Baht wholesale market in the first quarter of 2023. The government is currently working with the Monetary Authority of Singapore (MAS) to handle remittances between the two countries using the new currency.

He also said that the Thai government is working on an “investment token” license, separate from the current crypto license, that will allow entrepreneurs to “tokenize all kinds of values” including government bonds, carbon credit trading, FX, electricity units, and other assets. Topp explained that this means “tokenization will be the foundation of the digital economy going forward.”