ความยืดหยุ่นของสถาบันในการยอมรับสกุลเงินดิจิทัลของธนาคารกลาง:  มุมมองเชิงการกำกับดูแล

Oranart Wannapinyo

Authors

Oranart Wannapinyo Faculty of Public Administration, National Institute of Development Administration

Keywords:

Digital infrastructure, Governance, Institutional resilience, Trust

Abstract

As global financial systems transition toward digitalization, Central Bank Digital Currency (CBDC) has emerged as a transformative policy tool for enhancing economic resilience, financial inclusion, and cross-border transactions. The adoption of the Digital Baht by the Bank of Thailand offers a compelling case to explore governance strategies that balance regulatory stability, cybersecurity, and public trust in digital finance. This study examines how state-led governance frameworks, institutional trust, and multi-sector collaboration influence CBDC adoption in Thailand and beyond. \Employing a comparative case study approach, this research synthesizes insights from 26 semi-structured interviews with policymakers, financial regulators, and private sector stakeholders, alongside documentary analysis of CBDC policies and regulatory frameworks. Thematic coding and triangulation ensure analytical rigor in identifying governance strategies that support digital financial transformation.

Findings highlight three critical governance dimensions: (1) Institutional resilience, ensuring regulatory flexibility amid economic shifts; (2) Cross-sector collaboration, fostering public-private synergies for financial innovation; and (3) Cultural responsiveness, integrating societal diversity and accessibility for inclusive adoption. The study emphasizes the necessity of a tailored CBDC governance framework, reflecting Thailand’s socio-economic dynamics, digital infrastructure, and cross-border financial interactions. Policy recommendations include targeted public awareness initiatives, enhanced cybersecurity safeguards, and culturally adaptive financial strategies to reinforce institutional trust and governance effectiveness. By fostering robust governance for CBDC adoption, policymakers can strengthen global financial resilience and promote sustainable economic inclusion in an era of digital transformation. This paper contributes to the literature by framing CBDC adoption not as a technological issue, but as a complex co-produced governance challenge, offering a resilience-based framework for emerging economies.

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