Thailand will give out 10k baht in CBDC, with limited lifetime and geo-limited spending

[deepspeculator]

Link: https://en.cryptonomist.ch/2023/08/22/cbdc-thailand-10000-baht-donations-citizen/
In summary:
Thailand will give out 10k baht (around 280 usd) in their own CBDC to citizens above 16 years of age, which will have following limitations:
1. This money will have lifetime of 6 months.
2. Has to be spent within 4 kilometers radius of recipient's home.

I thought that governments will wait a bit more to clearly present the CBDCs capability to geo-restrict spending. Although it was obvious that there is such capability, now it will be also clear to average people in all the countries.

So, IMO this shows the direction for the global endgame regarding CBDC:
1. Probably current currencies will be devalued with the inflation (most realistic scenario to devalue current levels of debt).
2. Average people will be given (or paid) CBDC with limited time to spend them and geo-limitations (this will be a method to enforce "5 min city" from WEF or whatever that was) and perhaps also other limitations as well (e.g. on what it can be spent).

 

[wellington]

Will be spent promptly and the average person won't utilise going forward.

They had similar schemes during covid, people promptly deleted the apps after.

Thai's and Thailand is a cash based economy, vast majority don't pay tax (think it was 30% previously/might have been 3% - can't remember), bulk of them live hand to mouth anyway.

Liquidity (credit) has alleviated a lot of issues, but having a nice house with no furnishings is quite normal, and even the banks loan in partial releases and verify the funds are correctly being used, the car scheme 10 yrs ago led to everyone and their grandma having a car for the 100k discount, then financial difficulties later due to the income-loan ratio.

There will be a lot of fraud (fake processes + cash back) under this scheme (like others) and the Government will spend something like 14 billion $ doing it which will eat into their reserves overseas (which stabilises the currency, last time i checked it was something like 260b $) so currency movements will arrive.

 

[Martin Everson]

Yikes programmable currency - the stuff nightmares are made off .

So they think they can create currency that they tell you where and when to spent it? They just missed out telling you what to spend it on and the circle is complete. Sounds like a dystopia to me.

 

[Mercury]

What catches my attention in this article: "Regarding collaborations with Ripple, there are already many Central Banks in different countries experimenting with its solution to develop a CBDC based on XRP Ledger. The latest is the Bank of New Zealand."

XRP still sounds promising

 

[JackAlabama]

What catches my attention in this article: "Regarding collaborations with Ripple, there are already many Central Banks in different countries experimenting with its solution to develop a CBDC based on XRP Ledger. The latest is the Bank of New Zealand."

XRP still sounds promising

maybe the company but not the completely worthless token.

 

[Mercury]

maybe the company but not the completely worthless token.

If the company business grows and expands globally I can't see how it could not impact the XRP token, moreover since Ripple is not publicly traded yet. But I may be wrong, we'll see by then.

 

[Martin Everson]

maybe the company but not the completely worthless token.

Exactly.

 

[diatessaron]

What catches my attention in this article: "Regarding collaborations with Ripple, there are already many Central Banks in different countries experimenting with its solution to develop a CBDC based on XRP Ledger. The latest is the Bank of New Zealand."

XRP still sounds promising

Ripple is paying these institutions to "test" their "technology", so far all of them have given up on it but they have to keep the news going so they can funnel as many people as possible into the meat grinder.

 

[JackAlabama]

Ripple is paying these institutions to "test" their "technology", so far all of them have given up on it but they have to keep the news going so they can funnel as many people as possible into the meat grinder.

Good and accurate take (inherent to maybe most altcoin projects).

 

[Mercury]

Good and accurate take (inherent to maybe most altcoin projects).

I'm curious. Which altcoins, in your opinion, are currently worth investing in?

 

[JackAlabama]

I'm curious. Which altcoins, in your opinion, are currently worth investing in?

The one which you create yourself is best.