Thailand To Trial Retail CDBC By The End Of 2022

The International Monetary Fund Thinks The World Is Near Ready For Central Bank Digital Currencies

According to a press release from the BOT, dated August 5th, Ms. Vachira Arromdee, Deputy Governor of BOT, notes that other central banks around the world are working to rollout their own retail CBDCs, to which Arromdee says Thailand and these other banks “see the potential of Retail CBDC as being the foundation of the future financial system.”

Like other central banks, the BOT believes the implementation of a retail CBDC could “increase opportunities for businesses and the general public to have more convenient and greater access to diverse financial services with lower costs.”

In order to test out the functionality of this new CBDC, the BOT, in affinity with other corporate and private sector powers and firms, will pilot this new CBDC by years end. Notwithstanding the BOT states that they have no current plans to implement this currency for actual use, “as the issuance requires thorough consideration of benefits and associated risks for the financial system,” the bank wrote.

The pilot program is broken into two different focus sections, which are as follows, per the BOT’s press release:

1. Foundation track to assess the system’s efficiency and safety including the technological design. During this phase, CBDC will be used in conducting cash-like activities, such as paying for goods and services, within limited areas and scale of approximately 10,000 retail users selected by the BOT along with three companies, namely the Bank of Ayudhya Public Company Limited, Siam Commercial Bank Public Company Limited, and 2C2P (Thailand) Company Limited. This phase of testing will adopt technology developed by Giesecke+Devrient  and is expected to begin at the end of 2022 and last until mid-2023. 

2. Innovation track to focus on programmability which will facilitate the development of innovative use cases for CBDC, resulting in new financial services for a wide range of customers. This will help the BOT develop and improve the design of CBDC to suit the Thai context in the future. The BOT will allow the private sector and the public to participate in presenting business use cases for Retail CBDC via a “CBDC Hackathon”. Those who wish to participate in the Hackathon can apply during 5 August – 12 September 2022. Selected participants or teams will receive mentorship from experienced financial institution participants from Project Inthanon (further details will be announced on the BOT website).

As a final note, the BOT warns residents to be careful of any phishing scams, that claim to offer retail CBDC investments and services.

On the same day of the press release, Coin Telegraph added, ‘On Aug. 4, Thailand’s financial regulator, the Securities and Exchange Commission (SEC) granted operating licenses to four digital asset operators, despite turmoil regarding the Singaporean exchange Zipmex, which suspended withdrawals for customers in the country in July. Crypto volumes in Thailand surged almost 600% in early 2021 as the bull market was building momentum.’

The WinePress reported in June that Jamaica became the first nation to officially make their CBDC, Jam-Dex, legal tender:

Furthermore, The WP has noted on some of the other nation’s who are working to usher in their own CBDCs, namely, the United States, Israel, China, and more.

Blackrock Will Now Gain Access To Cryptocurrencies After Partnership With Coinbase

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AUTHOR COMMENTARY

[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Revelation 13:16-18

As I have said before, especially in my report about Jam-Dex, you need to resist these things, tooth and nail. It goes without saying a CBDC will be interwoven with social credit scores, carbon calculators, food IDs, vaccine passports, and anything else the media propagates. We need to fight and delay these as best as we can, though it is obviously an uphill and losing battle. Nevertheless, you yourself must do your best not to conform.

I think a lot of people would be hesitant if this came out right now here in the U.S. for example. Therefore, I would think a crisis would need to be generated. Good ‘ole fashioned Crisis Economics 101, as I like to say. Time will tell, but I suspect when the Feds finally let this Ponzi scheme self-destruct for good, then they’ll be ready to offer their “solution” once the public cries out for help.

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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