Bank of Thailand moves against cash and the US dollar in a plan to reduce cash in half by 2026

[johnarth]

First off you should check that this news did not come from Facebook they been spreading this kind of story for many years

[kimamey]

On 11/16/2022 at 3:48 AM, thaibeachlovers said:

I agree. Cash is so simple. I never had to wait for people using cash- only those using electronic.

I'll be PO if they manage to bring in cashless before I pass over, as I'd be forced to buy one of those horrid not so smart phones and learn how to use it.

Bad news for you if they bring in a QR code based permit before you can die.

[Harveyboy]

On 11/16/2022 at 3:39 AM, thaibeachlovers said:

The "cashless society". An authoritarian government's wet dream.

After all, what could possibly go wrong with that?

Big Brother..they will know every Baht you have   Control...

[Gknrd]

I kinda like it. I use Bangkok bank and the only thing is I tend to spend to much with the App. Other than that it's great. When the dollar to baht was at 38 I pulled a few thousand dollars and put it in the bank. With out it I would be stashing cash everywhere. Or having to buy and use an ATM card.

[Mike Teavee]

Had the GF's cousin staying with us for the past week & as she's heading back tomorrow I gave the GF 2,500b to take the 2 of them out for a nice relaxing 2 hour massage & to give me a bit of peace. 

 

Massage finished (Great place, just past Soi 9 on 2nd Road as you leave Central) & the GF decides she's going to surprise me by getting me a Meatball Marinara sandwich (My favourite) from Subway, so goes to Terminal 21 armed with approx. 700b in cash change from the massage & is told "Sorry, we don't accept cash"

 

Her Internet Banking / GWallet is on her other phone (She's more paranoid about keeping it separate than I am) so I ended up with a McDonalds... 

 

Gee Thanks Subway!

 

 

 

 

 

 

 

 

 

Edited November 17, 2022 by Mike Teavee

[sead]

On 11/16/2022 at 2:47 AM, moe666 said:

How so to Euro. Oil is valued in US dollars. That will not change you seem to think they are buying this oil with suitcases of Bhat and dollars

If China wants to buy oil from Russia it is calculated and converted to USD . Which means USA is making money without even being a trade partner. That's why Putin demands buyers to pay directly in Rubel without conversion to USD

[still kicking]

On 11/16/2022 at 8:04 AM, Expat68 said:

My mate in UK (62 year old) has to pay for his beer cashless with his card

Well, I am not in the UK I live in OZ and I am 76 years old I have not used cash for a number of years, were ever I go, I pay by debit tap and go card except when I go to Thailand for holidays, I take cash which I withdraw at the local ATM in my city because I get a better exchange rate in Thailand than I get in my country. So, I am cash less.

[Bangkocker]

On 11/16/2022 at 9:54 AM, Orinoco said:

Need to teach people  how to use a smart phone first.

Irritating at the check out !!!!!!!!!!!!.

 

Cash works just fine.

Another perving government (they are being taught by big brother Xi). Next we will have them spying on it's citizens with millions of cameras and the threat of imprisonment when we use too much toilet paper. Cashless means NO PRIVACY. How do we pay bargirls anonymously??

[Bangkocker]

On 11/16/2022 at 11:26 AM, BritManToo said:

I pay for almost everything using my phone now, very convenient ......... let the Luddites complain.

Even the local market stalls and street vendors have a QR code on display.

You  will complain when your rights are infringed upon. You will gnash your teeth and wail ....'oh why was I a simpleton that allowed it to happen gladly without a complaint' . Even if it is convenient don't ever surrender you rights and privacy to banks and governments. Look at China... cashless and accounts are stopped at the press of a computer button.

[thaibeachlovers]

On 11/17/2022 at 10:03 AM, Mac Mickmanus said:

Why would that bother you ?

You want Big Brother knowing everything you do?

[thaibeachlovers]

5 hours ago, still kicking said:

Well, I am not in the UK I live in OZ and I am 76 years old I have not used cash for a number of years, were ever I go, I pay by debit tap and go card except when I go to Thailand for holidays, I take cash which I withdraw at the local ATM in my city because I get a better exchange rate in Thailand than I get in my country. So, I am cash less.

So, let's say someone like you is visiting some place far from a bank and you lose your card for any one of a dozen reasons. How do you pay for anything?

 

PS I always have my cash in more than one place, so the chance of it all getting lost is minimal.

My memory is so bad I could use the card and leave it behind.

Edited November 18, 2022 by thaibeachlovers

[thaibeachlovers]

People that want to go cashless, IMO never think about things like power cuts. No power how does the shop's reader work? Or, the card gets blocked for some reason. My father had his card eaten by an ATM on a Saturday and had to wait till Monday to get any money.

Life is never perfect and bad stuff happens.

[BritManToo]

12 minutes ago, thaibeachlovers said:

People that want to go cashless, IMO never think about things like power cuts. No power how does the shop's reader work? Or, the card gets blocked for some reason. My father had his card eaten by an ATM on a Saturday and had to wait till Monday to get any money.

Life is never perfect and bad stuff happens.

Power cuts don't affect my mobile phone.

Promptpay is widely used and pays their mobile number (not their cash till).

The phone towers have backup power supplies.

Edited November 18, 2022 by BritManToo

[thaibeachlovers]

Just now, BritManToo said:

Power cuts don't affect my mobile phone.

And the phone towers have backup power supplies.

They do if your battery is flat.

[Mac Mickmanus]

34 minutes ago, thaibeachlovers said:

You want Big Brother knowing everything you do?

Who really wants to know that I went to ASDA tonight and got myself a few beers ?

  Even my facebook friends get bored about my posts , I really don't think that "Big Brother " would take any interest in my life .

   I had a KFC today and bought a new microwave oven 

Who is concerned about that ?

[BritManToo]

46 minutes ago, thaibeachlovers said:

You want Big Brother knowing everything you do?

I can't say I'm that bothered, my shopping isn't that interesting.

[thaibeachlovers]

1 minute ago, BritManToo said:

I can't say I'm that bothered, my shopping isn't that interesting.

Lucky you, but I don't want some spotty geek knowing what I buy.

[Orinoco]

3 hours ago, Bangkocker said:

You  will complain when your rights are infringed upon. You will gnash your teeth and wail ....'oh why was I a simpleton that allowed it to happen gladly without a complaint' . Even if it is convenient don't ever surrender you rights and privacy to banks and governments. Look at China... cashless and accounts are stopped at the press of a computer button.

I like this guy. well worth a listen to, watch a few of his vlogs

Hope I'm allowed to post the link.

  https://www.youtube.com/c/BraxMe

[thaibeachlovers]

Actually what we buy won't be tracked by a human- it will be AI using algorithms, and what could possibly go wrong with that?

 

Just because you live under an OK government at the moment doesn't mean that in 10 years time it's not like a Chinese government, and then you might have something to worry about, even if it was something you posted 10 years ago on TVF.

[huangnon]

11 minutes ago, thaibeachlovers said:

Actually what we buy won't be tracked by a human- it will be AI using algorithms, and what could possibly go wrong with that?

 

Just because you live under an OK government at the moment doesn't mean that in 10 years time it's not like a Chinese government, and then you might have something to worry about, even if it was something you posted 10 years ago on TVF.

You simply do not have actual money or personal wealth with a (centralized) digital currency. It's just digits on a computer screen that can be erased, debited (based on perceived social infractions), or credited at the will of the bank or Govt.

Be a good citizen, or else.

[ThailandRyan]

1 minute ago, huangnon said:

You simply do not have actual money or personal wealth with a (centralized) digital currency. It's just digits on a computer screen that can be erased, debited (based on perceived social infractions), or credited at the will of the bank or Govt.

Be a good citizen, or else.

And you believe that.....laughable....

[huangnon]

Just now, ThailandRyan said:

And you believe that.....laughable....

Ok, please explain how you think how a digital currency will benefit us?

 

Just remember that this isn't the first time that a Govt has confiscated personal wealth:

Quote

On April 5, 1933, the president signed Executive Order 6102. It was touted as a measure to stop gold hoarding, but it was in reality, a massive gold confiscation scheme. The order required private citizens, partnerships, associations and corporations to turn in all but small amounts of gold to the Federal Reserve in exchange for $20.67 per ounce.

The executive order was one of several steps Roosevelt took toward ending the gold standard in the US.

https://schiffgold.com/key-gold-news/the-great-government-gold-heist-of-1933/

[jaywalker2]

On 11/16/2022 at 9:11 PM, ChrisKC said:

"We will all be screwed", "they want to control us".

 

I have no such feelings; even by 2026 there will still be 50% cash transactions. It is a gradual process of change that I won't even notice! There is no hidden agenda.

 

If you don't have a smart phone, you are definitely in a very small minority and therefore has little relevance to the scheme to ultimately go cashless; that is becoming the way to go.

 

Some people just will not change rather than unable so to do and having a planned idea to object will have little effect except to those who it would seem are getting themselves stressed about something that they cannot control in the overall scheme of things. I remember when UK went decimal and metric: many objected in principal and openly rebelled but it made no odds in the end. Going decimal and metric made sense then and it makes sense now. 

 

At first, I had some reservations about paying without cash, but soon got used to it and in any case, I didn't , and don't now, allow it to bother me.

 

If this matter is one of the biggest issues in your life, then you will be absolutely fine!

It's not whether you have a smart phone but whether you want to be tied to your phone in everything you do. Everything you do from accessing the Internet to all your financial services are becoming dependent on that damn phone.

[jaywalker2]

20 hours ago, kimamey said:

Bad news for you if they bring in a QR code based permit before you can die.

In China, you have to get an okay from a QR code before you can travel, shop, do just about anything.

[LivingNThailand]

I may be naive, I only use my phone to pay my water and electricity bills (at home with my secure wi-fi)  But if you to a restaurant and use your phone to pay how do you tip if you are cashless?  I always like to leave a small tip.  Just curious because pretty much a cash and carry person.  Thank you.

 

[Orinoco]

13 minutes ago, jaywalker2 said:

It's not whether you have a smart phone but whether you want to be tied to your phone in everything you do. Everything you do from accessing the Internet to all your financial services are becoming dependent on that damn phone.

Yes the mobile phone has become, you own personal voluntary ankle bracelet.

we can't stop the technology and i'm all for tech, but we need rules, laws and regulations to be in place throughout the world, to protect us and our children.

from governments and companies and so on.

We don't have this yet, just BS token gestures around the world.

 

Ps I use a smart phone to make phone calls, text, photos, that's it. 

 

 

 

 

Edited November 18, 2022 by Orinoco

[ThailandRyan]

18 minutes ago, huangnon said:

Ok, please explain how you think how a digital currency will benefit us?

 

Just remember that this isn't the first time that a Govt has confiscated personal wealth:

https://schiffgold.com/key-gold-news/the-great-government-gold-heist-of-1933/

We're they given money for their gold. If so the wealth they had did not dissappear now did it. 

 

Digital currency is already being used by many, it is called crypto currency and many spend it daily as well as earning interest on what they have staked.

[huangnon]

2 minutes ago, ThailandRyan said:

We're they given money for their gold. If so the wealth they had did not dissappear now did it. 

 

Digital currency is already being used by many, it is called crypto currency and many spend it daily as well as earning interest on what they have staked.

They were given money at much lower value than the gold was worth. Basically a bailout for the Federal Reserve at that time, and private gold ownership was banned until the 70's. Australia and UK did the same also.

 

I am aware of crypto, thanks. Decentralized currency is fine by me, but replacing cash with a centralized digital currency is a disaster for financial freedom, imo.

 

 

[Bangkocker]

2 hours ago, Mac Mickmanus said:

Who really wants to know that I went to ASDA tonight and got myself a few beers ?

  Even my facebook friends get bored about my posts , I really don't think that "Big Brother " would take any interest in my life .

   I had a KFC today and bought a new microwave oven 

Who is concerned about that ?

That's not the the point. Even if you are boring - don't get swept along like a nice little obedient sheep. There is a big reason banks and governments like a sleeping, trusting Joe. They want power over you - even if your are Mr Boring.

[ChrisKC]

1 hour ago, jaywalker2 said:

It's not whether you have a smart phone but whether you want to be tied to your phone in everything you do. Everything you do from accessing the Internet to all your financial services are becoming dependent on that damn phone.

Maybe you don't take your phone everywhere but the vast majority do, even taking it into the toilet, taking it to bed.. Just about everybody is already "tied" to their device. Not an inconvenience at all it seems, to use it for making payments wherever they go. 

 

I have only one possible issue, that is if I encounter somewhere that refuses cash and for some reason my phone can't do the job. But I have yet to experience it. 

Smart phones are certainly smarter than many people.