Thailand forcing Cashless Society

[scorecard]

1 hour ago, save the frogs said:

closure of many branches is a fact around the world.

some banks are exclusively online now ... and they offer better returns on deposits because they have less overhead. 

And some Thai banks are working / making progress to a situation where 99% of banking can be done online, phone app, or basic telephone calls. Including international funds tansfers. 

[scorecard]

4 hours ago, brewsterbudgen said:

I don't think there's any doubt that Thailand (like most of the developed world) is rapidly moving towards a cashless society.  Even the street food stalls outside my son's school take payment by QR Code/phone.  People will just have to get used to it - like I did!

And some will remember back to the starting days of bankcards (revolutionary in their day) and the start of ATM machines. 

[FritsSikkink]

9 hours ago, Liverpool Lou said:

What are they?   Do any banks advertise any facilities for those "unofficial businesses"?

Street stalls.

[Lucky Bones]

Not sure if the dunnies in bars will accept anything other than 5 baht cash.

Especially when I need a urgent dump.????????

[Bangkok Barry]

18 hours ago, marin said:

18 hours ago, KhunBENQ said:

Nonsense post of the day or just hidden satire?

Have you ever left your farang ghetto?

Thank you. Posts like this anger me. You were much more polite than I. 

Agreed. The post was arrogant, saying 'look how smart and progressive I am'.

[Bangkok Barry]

17 hours ago, Lacessit said:

I see smartphones used by dumb people at the Big C checkouts, taking 3 or 4 times as long to pay while I am waiting with cash.

They call it progress. I experienced similar nonsense when I went to McDonalds at don Mueang airport. The old way to order was to go to the counter, say what you wanted, hand over the cash. Took 20 seconds. Now, you go to a screen, find the menu, select the items, are asked if you want it delivered to your table or not. Can take up to two minutes. And it most definitely isn't done for the benefit of the customer. I suppose the 20 second method might still work, but I don't know. 

[Lacessit]

17 hours ago, OneMoreFarang said:

But somehow it is funny that it's still possible to pay large sums in cash in Thailand.

Opening a Thai company with 2m THB capital: No problem, use cash if you want.

That is information from an experienced Thai accountant. 

Almost every time I go to the bank to withdraw cash for living expenses ( once a month ), I will see someone stashing away multiple wads of 100,000 baht in a tote bag.

I paid for a car with 450,000 baht in cash, it was accepted with enthusiasm.

IMO Thailand has a long way to go before it gets to Australia's level, where cash is probably less than 10% of transactions.

[tomacht8]

5 minutes ago, Lacessit said:

Almost every time I go to the bank to withdraw cash for living expenses ( once a month ), I will see someone stashing away multiple wads of 100,000 baht in a tote bag.

I paid for a car with 450,000 baht in cash, it was accepted with enthusiasm.

IMO Thailand has a long way to go before it gets to Australia's level, where cash is probably less than 10% of transactions.

That's right. Everyone should take care of their personal information as best they can. I don't give my phone number when the 7/11 staff ask me, even if I buy chewing gum for 10 baht.

[phetphet]

I received an email from Bitkub the other day. It was about learning more about the possible future introduction of CBDC. (Central Bank Digital Coin) or Digital Baht.

 

i can't find the full article in English, but here is a couple of paragraphs:

Dear Valued Customer,

 

Bitkub Exchange presents you to get to know digital currency called CBDC, also known as Central Bank Digital Currency, which refers to a digital currency issued by a central bank. In Thailand, the Bank of Thailand is currently developing the "Digital Baht".

 

CBDC, or Central Bank Digital Currency, is built on blockchain technology in many countries. It aims to increase transparency, and verifiability, and enable convenient and fast transactions. CBDC can be used as a medium of payment for goods and services, as it possesses a fixed value and can be legally used to settle debts.

 

Thailand is one of the first countries to start studying and developing CBDCs under the name known as "Digital Baht" and started trials with sample groups and 3 major banks in the country, namely Bank of Ayudhya, Siam Commercial Bank, and 2C2P (Thailand) Co., Ltd. started from the end of 2022 until the middle of 2023.

How are CBDCs different from cryptocurrencies? Will they affect the crypto market? Find out more in this article.

[tomacht8]

30 minutes ago, phetphet said:

I received an email from Bitkub the other day. It was about learning more about the possible future introduction of CBDC. (Central Bank Digital Coin) or Digital Baht.

 

i can't find the full article in English, but here is a couple of paragraphs:

Dear Valued Customer,

 

Bitkub Exchange presents you to get to know digital currency called CBDC, also known as Central Bank Digital Currency, which refers to a digital currency issued by a central bank. In Thailand, the Bank of Thailand is currently developing the "Digital Baht".

 

CBDC, or Central Bank Digital Currency, is built on blockchain technology in many countries. It aims to increase transparency, and verifiability, and enable convenient and fast transactions. CBDC can be used as a medium of payment for goods and services, as it possesses a fixed value and can be legally used to settle debts.

 

Thailand is one of the first countries to start studying and developing CBDCs under the name known as "Digital Baht" and started trials with sample groups and 3 major banks in the country, namely Bank of Ayudhya, Siam Commercial Bank, and 2C2P (Thailand) Co., Ltd. started from the end of 2022 until the middle of 2023.

How are CBDCs different from cryptocurrencies? Will they affect the crypto market? Find out more in this article.

All banks are trying to jump on this train. It's also a great idea for the Banks to do data networking with the great consumer retail - data - companys.

[watgate]

Rules for me and rules for thee. Don't do as I do, do as I say. As the global elites are jet setting around the world in their gas guzzling jets spewing all sorts of carbon emissions they are pushing their green deal on the world's population. Inflation has been ignited by the  Global elites and Central Bankers to force consumers into impractical and unrealistic alternatives like electric cars and solar and wind energy which can never replace the loss of oil and gas. It has been a lifelong dream of the World's Central Bankers to eliminate cash and go to a cashless society. It is all about power and control over the world's population. The Chinese cashless system has imprisoned their population with their social credit scores and constant monitoring of their accounts. At  least with cash if banks try to ram you with negative interest rates and force you to have to pay a fee for the privilege of keeping your money there, you can withdraw your funds. With no cash you are screwed.

[Burma Bill]

13 hours ago, scorecard said:

But holding all of her money in her hands 24/7, is that safer than instantly in the bank and available to her whenever she wants?

with respect, maybe so for urban areas and tourist resorts, but for many living in rural areas where the nearest bank is many kilometres away, keeping money in hands for 24/7 is the most convenient and safest for many folk. For example where I lived in the mountains above Phayao, the nearest bank was 45 kms away. Okay for me with my car, but for the locals with motorbikes, a winding drive on a mountain road - no way - and certainly not "available to her whenever she wants". 

 

[cooked]

18 hours ago, Foxx said:

No idea who Kurt Schwab is.  The president of the WEF is Klaus Schwab.  And pretty sure he's never said he wants everyone to have a chip implanted in their brain or, indeed, in any other body part.

SOOO sorry I got his name wrong. , that is a VERY important point, changes everything. I am 100% sure that that's what he said on a video, but of course if you think everything is a conspiracy theory then you''ll never watch unwoke news sources (Whoops, no such word, SOOO sorry).

 

[cooked]

On 7/1/2023 at 1:21 PM, Liverpool Lou said:

No, he does not, he did not say that he wants that.

Of course, he wouldn't say it directly, but he wouldn't would he? Try not to use the words 'conspiracy theorist' in your eagerly awaited response.

[Ralf001]

On 7/1/2023 at 12:05 PM, FritsSikkink said:

You forget that a lot of Thai people who trade don't have a bank account because it takes too long to get one.

Took me about 15 mins..... But Iam not Thai.

Why does it take them so long ?

[Ralf001]

7 hours ago, Lucky Bones said:

Not sure if the dunnies in bars will accept anything other than 5 baht cash.

Especially when I need a urgent dump.????????

QR Code Bro... Scan and pee !!

[Liverpool Lou]

14 minutes ago, cooked said:

On 7/1/2023 at 1:21 PM, Liverpool Lou said:

No, he does not, he did not say that he wants that.

 

As I posted previously, he did not say that he wanted that, thank you for confirming the accuracy of my comment.

[Liverpool Lou]

7 hours ago, FritsSikkink said:

16 hours ago, Liverpool Lou said:

What are they?   Do any banks advertise any facilities for those "unofficial businesses"?

Street stalls.

Those are businesses.   What's an "unofficial business"?

 

Operators of street stalls can easily open bank accounts in their name.

[cooked]

13 minutes ago, Liverpool Lou said:

As I posted previously, he did not say that he wanted that, thank you for confirming the accuracy of my comment.

Did you listen to what he said? He's salivating at the thought of getting the world population thinking correctly. What's the opposite of a conspiracy theorist? Living in Cloud Cuckoo Land? 

[Liverpool Lou]

Just now, cooked said:

17 minutes ago, Liverpool Lou said:

As I posted previously, he did not say that he wanted that, thank you for confirming the accuracy of my comment.

Did you listen to what he said?

Yes, I did, did you?  He did not say that he wanted everyone to be chipped.

[Sticky Rice Balls]

Panic ensues.....Puts on Pearls so that I can clutch them.....oh dear ..should I hide under the bed?

 

I suppose my days of carrying cash as soon over as the thai police surround me.....sigh!!!!

[Lucky Bones]

38 minutes ago, Ralf001 said:

QR Code Bro... Scan and pee !!

Scan and pee. Sounds like a Welsh dish.????????

[Hugh Jarse]

On 7/1/2023 at 12:24 PM, cooked said:

Anybody see the video where Kurt Schwab, president of the WEF, wants everyone to have a chip implanted in their brain? "Think of that".. he thinks it'll solve everything, can't even imagine that some may not want that.  You'll be able to use it for getting social credit points, permission to travel abroad, to support the latest official line, spend money, say what you think. You can't change human nature, but you can change human behaviour. This isn't a conspiracy theory, they keep telling us what they want to do and nobody listens.

CBDC most worrying . It’s dystopian.

[Ralf001]

8 minutes ago, Lucky Bones said:

Scan and pee. Sounds like a Welsh dish.????????

They the peeps that like to deep fry things like mars bars ?

[patman30]

17 hours ago, 3NUMBAS said:

bgs and feelancers will always     be cash only 

prostitutions anywhere is always cash only

They make it legal and tax it

[robblok]

19 hours ago, tomacht8 said:

If you want to call it like that. OK.

 

In a cashless society, in times of economic downturn, the government could simply impose a daily limit on spending per day/month to stabilize the domestic currency, and prohibit the population from converting their bank savings into other currencies. Such a measure was recently taken for example in Turkey and Russia. Anyone can imagine what such measures would mean in a cashless society.

Right, that will happen. Your dreaming IMHO. The government would never be able to do that. There would be protest. No democratic government will survive something like that. Yes countries that have no democracy will be able to do stuff like that. Democracies not so much.

 

 

[Ralf001]

19 hours ago, 3NUMBAS said:

bgs and feelancers will always     be cash only 

prostitutions anywhere is always cash only

You not chopped a sluzza with a QR code tattoo above her who who ?

What rock you been living under !!

[alanrchase]

22 hours ago, watgate said:

Rules for me and rules for thee. Don't do as I do, do as I say. As the global elites are jet setting around the world in their gas guzzling jets spewing all sorts of carbon emissions they are pushing their green deal on the world's population. Inflation has been ignited by the  Global elites and Central Bankers to force consumers into impractical and unrealistic alternatives like electric cars and solar and wind energy which can never replace the loss of oil and gas. It has been a lifelong dream of the World's Central Bankers to eliminate cash and go to a cashless society. It is all about power and control over the world's population. The Chinese cashless system has imprisoned their population with their social credit scores and constant monitoring of their accounts. At  least with cash if banks try to ram you with negative interest rates and force you to have to pay a fee for the privilege of keeping your money there, you can withdraw your funds. With no cash you are screwed.

Are you saying you would be forced to keep your digital currency in a bank? People would no longer be able to own stocks, gold, bonds, property etc. as investments?

[koolkarl]

Going cashless is cutting your own throat.  Using no cash is a governments ultimate dream.  They can trace anyplace you spend money, how much and what you buy. More importantly they can get an idea of your income.  All this info is stored on a computer forever.  Your privacy is gone forever and nothing to do with criminals.

[FritsSikkink]

18 hours ago, Liverpool Lou said:

Those are businesses.   What's an "unofficial business"?

No legal entity, not registered, not paying tax. Hardly rocket science.

Edited July 3, 2023 by FritsSikkink