As the latest crypto news show, the citizens of Thailand will have to be more than just patient while waiting for a retail central bank-issued cryptocurrency that is meant to save them from carrying cash around.
At least this is what the governor of the Bank of Thailand (BoT) named Veerathai Santiprabhob believes in. As he stated, the plans to switch from cash to cryptocurrencies like Bitcoin won’t happen within the next 3 to 5 years – mostly because the process of creating a central bank digital currency (CBDC) is ‘not easy’ and is time-consuming due to the complex nature of this monetary system.
The governor also noted that even though there has been some progress regarding the issuance of CBDCs in some countries, Thailand is far from the idea at least within the next half of a decade.
And while the Bank of Thailand has not announced any plans for a CBDC meant for use by the general public, three months ago it announced that it is working on a wholesale CBDC (a digital currency meant for use by financial institutions for settling inter-bank payments, doing cross-border transfers etc.)
The project is dubbed ‘Project Inthanon’ and has an interesting abstract:
“Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.”
Even though the governor of BoT did not touch the risks associated with CBDCs, one official from the International Monetary Fund named Christine Lagarde has said that there are three downsides to a state-backed digital currency: the risk to financial integrity and stability as well as its potential to stifle innovation.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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