Thai Central Bank invites feedback on its plan to set up virtual banks

[snoop1130]

 

The Bank of Thailand is open to feedback from all stakeholders, until the end of this month, about its plan to set up virtual banks in Thailand, Governor Sethaput Suthiwartnarueput said today (Wednesday).

 

He said that the feedback will be used to fine-tune in the drawing up of guidelines to enable virtual banks to become a new financial platform for the promotion of the digital economy.

 

He noted, however, that the formation of such banks must take into account risk management, sustainability, development of digital technology, a competitive marketplace and the mitigation of any adverse impacts.

 

Full Story: https://www.thaipbsworld.com/thai-central-bank-invites-feedback-on-its-plan-to-set-up-virtual-banks/

 

-- © Copyright Thai PBS 2022-02-02

 

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[Whale]

Utter bull, as in any country, no feedback is needed just the fact they asked for feedback supports the decision they have already made. This works makes me so sad some days.

[DezLez]

Could this become "The Hub of Virtual Hubs" where the wheels never fall off and it all keeps going round and round and round?

Edited February 2, 2022 by DezLez

[RichardColeman]

1 hour ago, Whale said:

Utter bull, as in any country, no feedback is needed just the fact they asked for feedback supports the decision they have already made. This works makes me so sad some days.

Think you are wrong, they are asking for it so they can say 'well, you wanted and agreed it' when it all goes bits up !

[worgeordie]

Will you have to have a virtual gun ..to rob a virtual bank, but it might

not be worth it if they only have virtual money.

 

created by computer technology and appearing to exist but not existing in the physical world :  like Bitcoin .....

regards worgeordie

[mikebell]

 On-line banking scams are endemic to Thailand; it is a hub of corruption in so many institutions.

[scorecard]

2 hours ago, mikebell said:

 On-line banking scams are endemic to Thailand; it is a hub of corruption in so many institutions.

Big problem in Australia too.

[connda]

15 hours ago, Whale said:

Utter bull, as in any country, no feedback is needed just the fact they asked for feedback supports the decision they have already made. This works makes me so sad some days.

"We're going to jam digital currency down your throats - and you'll be Happy."

[chilly07]

Guess they will be relying on other countries financial regulators to police this. City of London should step up. Plenty of practice with Russian Oligarchs and Tax Havens. Seriously there are already well functioning digital banks out there.

[huangnon]

26 minutes ago, connda said:

"We're going to jam digital currency down your throats - and you'll be Happy."

In line with the World Economic Forum's plans to make a one world (digital) currency, that monitors every transaction you make..

https://www.weforum.org/agenda/2021/12/cbdc-stablecoin-digital-currency-regulation/

 

And thus controls the fine details of your life.

[Dumbfounded]

Can I deposit virtual money in my virtual account?

[billd766]

31 minutes ago, Dumbfounded said:

Can I deposit virtual money in my virtual account?

More importantly can I draw real money from a virtual account.

[it is what it is]

He noted, however, that the formation of such banks must take into account risk management, sustainability, development of digital technology, a competitive marketplace and the mitigation of any adverse impacts.

 

... also try not to make the web site look like it was designed by a school student for their IT project, and please try to make it secure from data breaches...

[Laughing Gravy]

14 hours ago, huangnon said:

In line with the World Economic Forum's plans to make a one world (digital) currency, that monitors every transaction you make..

https://www.weforum.org/agenda/2021/12/cbdc-stablecoin-digital-currency-regulation/

 

And thus controls the fine details of your life.

Just look at China the template for everything. Almost impossible to use 'fiat money' or get it as ATM's have been taken away and the 'sheeple' here just go along with it. WeChat and Alipay for everything. A similar system coming to a country near you soon.

 

Even though it has been 4 years since I was last in the UK I was so surprised how many people will by a newspaper or other small item with a credit/debit card.

 

I guess I am old fashioned or a traditionalist, where I like to have a wallet with some money in it.????

[2old4fixies]

On 2/2/2022 at 10:59 AM, worgeordie said:

Will you have to have a virtual gun ..to rob a virtual bank, but it might

not be worth it if they only have virtual money.

 

created by computer technology and appearing to exist but not existing in the physical world :  like Bitcoin .....

regards worgeordie

I reckon if Bitcoin has any physical property, it would be the energy used to operate and protect the network.  Not the hardware that operates the mining or nodal networks, but the energy the runs the miners and nodes.  Now, consider El Salvador with their volcanic geothermal energy, definitely observable and physical.  Same goes for stranded natural gas burn offs, solar output stored in a battery, etc.  Energy fuels the proof of work that is integral to Bitcoin.  So really, it's not much of a stretch to say Bitcoin does at least have physical attributes.  One thing I know for sure, Bitcoin can certainly be converted into just about anything one would need in the physical world.