Thailand might be preparing to address the imbalances of a central bank digital currency (CBDC) led trading system using Mbridge, a CBDC-driven cross-border settlement project. Jan Nieuwenhuijs, a gold market analyst, believes that this might be the objective of the constant increase in the gold reserves of the Bank of Thailand. Nieuwenhuijs reported that Thailand has followed China in its gold-buying tendencies since last November, being persistent in its gold purchases

While other nations follow the “buy cheap, sell expensive” course of action, Thailand has purchased gold at different points of the price spectrum. Nieuwenhuijs states that Thailand was a solid net importer from October 2023, when prices were at about $2,000 to April 2024, when gold reached $2,300 per ounce.

Thailand is accumulating gold due to geopolitical tensions, and this trend has also influenced Thai citizens. “Next to a long history of saving in gold, the Thai people are stimulated to buy gold as their central bank is accumulating the precious metal too,” Nieuwenhuijs stressed.

Nieuwenhuijs’ speculations come after the signing of a Cooperation Framework for Bilateral Local Currency Transactions between China and Thailand days before the release of the minimum viable product (MVP) of Mbridge. China and Thailand are two of the initial members of the Mbridge platform.

However, Nieuwenhuijs states that a de-dollarized system such as Mbridge must be complemented with a stable asset that serves to correct the imbalances by recycling these into gold. “When combined, Mbridge and gold recycling allow for non-dollar trading and storing surpluses in non-dollar assets: de-dollarization,” he concluded.

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