Thai Central Bank: A National Cryptocurrency Year is Away

However these latest indications point to it being a very long time until we will see national crypto assets coming from any stable economies. These Central bankers have been talking about issuing their own digital coins ever since they first saw the appeal that bitcoin holds for many people.  Don’t Hold Your Breath for a Digital Baht This governor of the Bank of Thailand, Veerathai Santiprabhob, has revealed that a switch to digital currency will not happen in the country within the next three to five years, according to local media reports. This central banker said that the use of digital currency is complicated and people in developing countries need to be well prepared for it beforehand. He also argued that this technology needs to become more efficient first. It’s for these reasons the Thailand’s central bank has not yet introduced a national cryptocurrency to the public, and only plans to test digital currency for payment settlements between financial institutions. Its pilot intrabanks system will likely reach full implementation during the first quarter of next year, according to the Bank of Thailand governor. A Mixed Message from Global Bankers This news out of Thailand follows what seems to be a recent cooling trend toward national cryptos. its Last week, Alim Guliyev chairman of the Central Bank of Azerbaijan told the media in Baku that his institution would not issue its own cryptocurrency due to the risks involved. And it’s earlier this month a Bank of Israel team recommended holding off on creating an e-shekel. This development of central bank-issued cryptocurrencies has also become a focus of the International Monetary Fund. This Washington-headquartered organization recently issued a stark warning to the Marshall Islands about its plan for the Sovereign. Which it has caused of political crisis in the country, but maybe just to further obfuscate the matter, its IMF Managing Director Christine Lagarde said last week that central bankers actually need to consider issuing their own digital instruments to improve financial inclusion, consumer protection, privacy and fraud prevention. SOURCE Read more at: https://news.bitcoin.com/thai-central-banker-a-national-cryptocurrency-is-years-away/