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BOT cryptocurrency rolled out for businesses before public debut

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BOT cryptocurrency rolled out for businesses before public debut 

By The Nation

 

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Vachira Arromdee, BOT assistant governor

 

The Bank of Thailand has entered third-phase development of its “central bank digital currency” (CBDC) and plans to expand its use among large businesses, Vachira Arromdee, BOT assistant governor, said on Wednesday (July 15).

 

The central bank is already using CBDC for financial transactions with some big businesses, she revealed.

 

In September, the BOT will begin using the digital currency for transactions with the Hong Kong Monetary Authority, she added.

 

“The central bank is also thinking about expanding use of the cryptocurrency to the general public, but a comprehensive study must be completed before taking such action.”

 

Vachira said the cryptocurrency may have negative impacts on commercial banks by removing the need for a middleman in financial transactions.

However, on the positive side, it would reduce the cost of financial transactions, she said.

 

She cited China, saying public use of digital currency in the form of tokens had not affected the financial system there.

 

The BOT’s digital currency differs from Bitcoin, which is currently traded in the global market. Bitcoin is not backed by assets, so its value is highly volatile.

 

In contrast, the central bank’s digital currency will be backed by tangible assets such as country’s international reserve, making it a stable currency.

 

However, broad public use of digital currency via e-wallets is a big issue, so the central bank will look carefully look at the pros and cons, including its impact on financial stability, she added.

 

Thakorn Piyapan, head of the Krungsri Consumer Group, supports a public rollout of the BOT cryptocurrency, saying it would promote mobile banking and e-wallets and reduce the cost of printing and using banknotes.

 

Source: https://www.nationthailand.com/business/30391375

 

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-- © Copyright The Nation Thailand 2020-07-16
 

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sounds like money laundering is set to become much easier for the corrupt

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This has nothing really to do with a “crypto currency” this is the Orwellian attempt of an authoritarian regime - just like the Chinese CCP -attempting to gain total control over their citizens by abandoning cash and gain total control over their financial assets. The original idea of a crypto currency was exactly the opposite!   

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the central bank’s digital currency will be "backed by tangible assets" such as country’s international reserve...

if you believe that one, i have a bridge in brooklyn i'd like to sell you!

haha

is any country's fiat currency backed by anything more than a balloon full of hot air?

they're all only as good as someone else's believe that they hold value, no different than any other cryptocurrency like bitcoin.

 

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2 hours ago, boonrawdcnx said:

This has nothing really to do with a “crypto currency” this is the Orwellian attempt of an authoritarian regime - just like the Chinese CCP -attempting to gain total control over their citizens by abandoning cash and gain total control over their financial assets. The original idea of a crypto currency was exactly the opposite!   

The abandonment of cash started in the US when credit cards were started and now has spread to most countries. Cash is used less and less and transactions have a trail that can be easily followed and allowed governments to increase tax take. Then along came cryptocurrency which always maintained it was independent and could not be manipulated by governments.

Well, they got that bit wrong...

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In September, the BOT will begin using the digital currency for transactions with the Hong Kong Monetary Authority, she added.

Slowly but surely boiling the frog. Next up, push some security laws. Chailand awaits.

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3 hours ago, jasonsamui55 said:

is any country's fiat currency backed by anything more than a balloon full of hot air?

US got rid of the gold standard in 1971. I seem to remember a few still held some backing a while after that, but might be wrong. These days fiats are monopoly money.

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