Explaining its motivation for creating a CBDC, the Bank of Thailand argued that the success of private stablecoins poses risks to “monetary sovereignty and financial stability.”
Interesting article about another central bank moving toward a digital currency, this time the Bank of Thailand. At least they are smart enough to see the writing on the wall, that crypto is going to change currency forever. Even if people don't move to true cryptos, these stable coins have the chance to really change things up. After all, if you're in South Africa why not hold a stable coin backed by say the Swiss government instead of the local government. It's a real option is you're not ready to go down the crypto rabbit hole. It's something to think about......
Read the full story here.....
https://cointelegraph.com/news/bank-of-thailand-to-begin-central-bank-digital-currency-tests-in-2022
I hope all these stable coins are backed by something, it's kind of hard to know.
The good ones are audited, so there's that.....
And I guess there's so much money in them that someone brighter than me has checked into more than I can.