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Central bank to do real-world test of digital currency in Q2, 2022


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By Namo Vananupong

   

BANGKOK (NNT) - As more and more attention is falling on digital currencies, the Bank of Thailand now intends to do a limited real-world test of its digital currency or CBDC in the second quarter of 2022.

 

Bank of Thailand Deputy Governor Vachira Arromdee said the BOT has undertaken studies on Central Bank Digital Currency (CBDC) since 2018 as it realized the potential benefits to be had for the future development of Thailand’s digital currency. She said the central bank plans to do a limited, real-world test of its CBDC in order to study its use in transactions and payments for goods and services. The limited test is scheduled for the second quarter of 2022, during which businesses and developers will also be involved in the test. The participation model and the criteria for participant entities are being determined.

 

Dong He, Deputy Director of the Monetary and Capital Markets Department, International Monetary Fund, viewed that the central banks of each nation needed to play roles in designing and regulating the use of CBDC. The objective was to maintain the stability of the financial system as well as the robustness of currency value, in contrast to privately issued cryptocurrencies whose values were volatile.

 

Siam Commercial Bank President Arak Sutivong expressed his belief that the collaborative creation of a digital money system by the public and private sectors will produce a system that can handle much more than payments. He gave examples of lending and international money wiring, saying transformation toward digital finance is a global focal point at present.

 

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The whole point of a surrogate currency such as bitcoin is to keep governments thieving hands off it, and only create new money when sufficient energy and effort have been expended in the form of mining.

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5 minutes ago, Gsxrnz said:

The whole point of a surrogate currency such as bitcoin is to keep governments thieving hands off it, and only create new money when sufficient energy and effort have been expended in the form of mining.

On the contrary, governments want to control their own digital currency, instead of an independent, such as Bitcoin.  So they can track citizens spending—and thus reward or punish you according to what you bought.  Look at China’s new digital currency, for an example.

Edited by Isaan sailor
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1 minute ago, Isaan sailor said:

On the contrary, governments want to control their own digital currency.  So they can track citizens spending—and thus reward or punish you according to what you bought.  Look at China’s new digital currency, for an example.

That's my very point.  A government created currency by any means digital or otherwise is simply fiat currency. The US senate want to have every transaction over $600 reported to the IRS.

 

Couple that with tracking us by phone location and the millions of cameras, plus the need to tell the world what we're having for lunch and our political thoughts on Facebook and Twitter, if we scratch our backside they know which hand we used.

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