Thai central bank to develop payment system prototype for business using digital currency

 

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand in this April 26, 2016 file photo. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's central bank unveiled on Thursday plans to build a prototype of a payment system for businesses using central bank digital currency (CBDC), or traditional money but in digital form being developed by monetary authorities around the world.

 

The CBDC prototype will be integrated with the procurement and financial management systems of Siam Cement <SCC.BK> and its suppliers, the Bank of Thailand (BOT) said in a statement.

 

The project will begin in July and is expected to conclude by the end of the year, BOT said, adding its scope will include conducting a feasibility study.

 

"The project marks an important step in broadening CBDC’s scope and adoption to wider audiences, starting with large corporates," it said. For details, click here https://www.bot.or.th/English/PressandSpeeches/Press/2020/Pages/n3063.aspx

 

Many central banks are looking into the potential for CBDCs. They differ from cryptocurrencies like bitcoin, which are produced by solving complex math puzzles and governed by disparate online communities instead of a centralised body. 

 

-- © Copyright Reuters 2020-06-18

 

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Interestingly  scary.

Is a "project" another  name for the introduction of  a step further in introducing a digital totalitarian control on individual tradeable asset  capacity?

People  can talk it  down but I can see some good logic in possessing and secreting  a few ounzes  of  physical  gold as the  historical standard over centuries!

China telling thailand what to do now

Is this similar to 'block chain'?

 

when moon ? when lambo ? 

after forcing you inside your home, masks up so nobody shows emotion anymore, be afraid of your neighbors, school friends, no contact, now we will control all your money, followed by a forced vaccine with unknown side effects

Siam Cement is in the mix! 

See what I did there?

 

5 minutes ago, Bender Rodriguez said:

after forcing you inside your home, masks up so nobody shows emotion anymore, be afraid of your neighbors, school friends, no contact, now we will control all your money, followed by a forced vaccine with unknown side effects

I'm gonna pay the nurse 500 bhat to squirt the vaccine on the floor to get my special badge. Will not be able to travel without the badge. But I don't want to end up a dummy by having the vaccine.

 

It's a dilemma. But I've got my dosh ready for me and the family.

Centralised digital currencies controlled by governments and banks cannot be trusted and will pave the way for further control and ultimately enslavement under the guise of convenience.

 

Shorter term, they are open to abuse and have fundamental security vulnerabilities that cannot be overcome. Hackers are always light years ahead of government and bank tech. 

 

They will be used to track what you spend money on, where and who you spend it with. 

 

No thanks. 

13 hours ago, 473geo said:

Is this similar to 'block chain'?

Not necessarily. You can create a cryptocurrency with or without a blockchain. Likewise, you can set up a blockchain for creating a cryptocurrency, but you can also set up a blockchain for other types of data transfer/storage.

 

16 hours ago, snoop1130 said:

"The project ..., starting with large corporates," it said

"Large corporates", read as "the twenty richest families". Guess why?

11 minutes ago, Nakdontree said:

Not necessarily. You can create a cryptocurrency with or without a blockchain. Likewise, you can set up a blockchain for creating a cryptocurrency, but you can also set up a blockchain for other types of data transfer/storage.

 

"Large corporates", read as "the twenty richest families". Guess why?

I could spell it out for you in its entirety but I don't think the post would survive long...and if it did spying eyes may put me on the road to being banged up for a while.  ????

I will say that in Australia the scumbag politician's want something along the same lines,  withdraw cash from circulation and all payments are with cards.   So in effect you no longer own your own money If it's in a bank or on a card...and the card can be switched off by the government for any reason...and access to your account can be frozen.  If that happens you are a serf if not a slave. 

7 hours ago, Bender Rodriguez said:

after forcing you inside your home, masks up so nobody shows emotion anymore, be afraid of your neighbors, school friends, no contact, now we will control all your money, followed by a forced vaccine with unknown side effects

It looks like more and more to the DDR.

History repeats itself.

I don’t think it will work.  Thai people don’t trust the government-wonder why?