According to Bitcoin.com, the Bank of Thailand (BOT) intends to take more time to complete the development of its retail central bank digital currency (CBDC). The monetary policy regulator aims to ensure that this version of the national fiat will offer additional benefits to the country’s financial system under sufficient risk management.

A number of central banks, including that of Thailand, have been developing retail CBDCs but they are yet to fully implement them, the Bangkok Post noted in a report. Retail CBDC development is expected to take more than five years before market launch, according to the BOT Governor Sethaput Suthiwartnarueput, quoted by the daily.

On Friday, the top executive explained that the bank wants to better understand the benefits and risks of the retail CBDC, and in particular whether there are additional benefits in regards to Promptpay, the nation’s digital payment system. The central bank has yet to see such, the governor remarked. Sethaput also emphasized that a digital currency should in the end change the country’s financial system and benefit everyone.