Bank of Thailand Governor: We're Still Far Away From Central Bank Crypto
- Veerathai Santiprabhob said that technological problems will hold back any efforts at launching such a currency.
Cryptocurrencies are unlikely to be widely adopted by central banks in the near future. That's according to the Governor of Thailand's central bank - the Bank of Thailand - Veerathai Santiprabhob.
A report by the local outlet the Chiang Rai Times indicates that Santiprabhob made the claims on Monday. The report says he was responding to comments made by Christine Lagarde, the head of the International Monetary Fund, last week.
Speaking at a conference in Singapore, Lagarde said that central banks should start to consider issuing digital currencies. Central bank-issued cryptocurrencies could, Lagarde claimed, prevent “too much power [falling] into the hands of a small number of outsized private payment providers.”
But according to Santiprabhob, it's much easier to discuss cryptocurrencies than it is for central banks to actually create one.
The central bank governor noted that Thailand simply wouldn't be able to launch its own digital currency in the next 3 to 5 years. The reason for this is, as our readers can probably imagine, a mixture of navigating through a complicated process and the inefficiency of existing technology.
Thailand Not Tech Savvy Enough?
On top of this, Santiprabhob claimed that the technological readiness of Thailand's citizens doesn't match what is needed to develop a central bank-issued cryptocurrency. Santiprabhob said that this was likely true of all developing nations, noting that even Sweden - a developed country - has struggled to properly implement its digital currency.
Citizens of one country may disagree with Santiprabhob. With hyperinflation sweeping the country, residents of the great socialist paradise of Venezuela have been using cryptocurrencies - most notably Dash - to make Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for some time. Though Dash is not a central bank-issued currency, Venezuela is certainly proof that you don't need to be a developed country to get your population to start using cryptocurrency - you just need to destroy the economy first.
Despite Santiprabhob's comments, Thailand has actually been fairly adept at keeping pace with change in the cryptocurrency world. Most notably, the government has been testing payment settlements using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and, in August of this year, introduced cryptocurrency regulation.
Cryptocurrencies are unlikely to be widely adopted by central banks in the near future. That's according to the Governor of Thailand's central bank - the Bank of Thailand - Veerathai Santiprabhob.
A report by the local outlet the Chiang Rai Times indicates that Santiprabhob made the claims on Monday. The report says he was responding to comments made by Christine Lagarde, the head of the International Monetary Fund, last week.
Speaking at a conference in Singapore, Lagarde said that central banks should start to consider issuing digital currencies. Central bank-issued cryptocurrencies could, Lagarde claimed, prevent “too much power [falling] into the hands of a small number of outsized private payment providers.”
But according to Santiprabhob, it's much easier to discuss cryptocurrencies than it is for central banks to actually create one.
The central bank governor noted that Thailand simply wouldn't be able to launch its own digital currency in the next 3 to 5 years. The reason for this is, as our readers can probably imagine, a mixture of navigating through a complicated process and the inefficiency of existing technology.
Thailand Not Tech Savvy Enough?
On top of this, Santiprabhob claimed that the technological readiness of Thailand's citizens doesn't match what is needed to develop a central bank-issued cryptocurrency. Santiprabhob said that this was likely true of all developing nations, noting that even Sweden - a developed country - has struggled to properly implement its digital currency.
Citizens of one country may disagree with Santiprabhob. With hyperinflation sweeping the country, residents of the great socialist paradise of Venezuela have been using cryptocurrencies - most notably Dash - to make Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for some time. Though Dash is not a central bank-issued currency, Venezuela is certainly proof that you don't need to be a developed country to get your population to start using cryptocurrency - you just need to destroy the economy first.
Despite Santiprabhob's comments, Thailand has actually been fairly adept at keeping pace with change in the cryptocurrency world. Most notably, the government has been testing payment settlements using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and, in August of this year, introduced cryptocurrency regulation.