Interesting article in today's FT on the digital wallet as an experiment in central bank digital currency:
The central government in Bangkok decides
who gets it (not criminals, not who doesn't need it because they have already enough)
when it can be spent (only whithin 6 months - save and lose your money)
where it can be spent (only near your registered address - not in the City)
what can be bought (no mobiles, no cigarettes)
from whom you can buy (no criminals, only goverment-approved merchants)
People love it.
https://www.ft.com/content/9194ca11-7788-4a1d-a6cc-cffea18d0c9d
One of the comments:
The article only touches slightly on the evil that CBDCs represent.
It is programmable money in the full sense of that word. It means it can be programmed with arbitrary conditions and clauses, as to what it can and cannot be used for, who can use it, what the interest rate is etc.
It can easily perform economic ostricizm on any group deemed "undesirable" by the government.
Do not fall for their talking points about it being "safe", "convenient" and "good", because then one day you might actually find yourself on the wrong end of the government policy.