Bahtcoin

Bahtcoin (บาทคอยน์) เงินกงเต็กดิจิทัล

⚠️ Disclaimer:	The information provided in this text is for educational and informational purposes only. These writings are my own opinion, provided as-is, and has no warranty expressed or implied. None of it is financial, legal, or other professional advice. The author encourages readers to use discretion and make informed decisions regarding their own practices while seeking professional advice if necessary.

The Rise of THBт and the Fall of Bahtcoin: A Satirical Look at Digital 功德 and the Challenges of Central Bank Digital Currencies

In the world of digital currencies, the Bank of Thailand's (BoT) ambitious project, Bahtcoin, was once hailed as a potential game-changer. However, the project faced numerous challenges and was ultimately abandoned. In its wake, a new contender emerged: THBт, a decentralized stablecoin pegged to the Thai Baht, which has captured the imagination of many with its unique features and satirical approach. This article takes a satirical look at the rise of THBт and the fall of Bahtcoin, highlighting the challenges faced by central banks in developing CBDCs and the limitations of zero trust regulation policies.

Bahtcoin: A Tale of Unfulfilled Promise

Bahtcoin, the proposed central bank digital currency (CBDC) by the BoT, was intended to be a digital version of the Thai Baht. Announced in 2019, it aimed to enhance the efficiency of financial transactions and reduce cash usage. However, the project was plagued by regulatory uncertainty, security concerns, and delays in pilot tests, eventually leading to its abandonment.

THBт: A Satirical Solution to the CBDC Problem

In contrast, THBт emerged as a decentralized, blockchain-based stablecoin that runs on a permissionless EVM chain. Developed by MoNoRi-Chan, it overcomes many of the limitations faced by Bahtcoin by offering faster, cheaper, and more secure transactions, all while being accessible to anyone, regardless of technical expertise.

The satirical nature of THBт is evident in its whitepaper, which cheekily disclaims responsibility for investment decisions and emphasizes the importance of individual users managing their own funds. Despite its tongue-in-cheek approach, THBт has gained traction as a viable alternative to a centralized CBDC, demonstrating the potential of decentralized solutions in the face of regulatory challenges.

The Limitations of Zero Trust Regulation Policies

The failure of Bahtcoin highlights the limitations of zero trust regulation policies in the world of digital currencies. Cryptocurrency protocols are permissionless by design, allowing for seamless transactions without the need for intermediaries. Attempts to impose stringent regulatory measures on such systems often prove futile, as demonstrated by the rise of THBт, which operates without limitations on transaction amounts.

Conclusion

The satirical tale of THBт's rise and Bahtcoin's fall serves as a reminder of the challenges faced by central banks in developing CBDCs and the limitations of zero trust regulation policies. As the world of digital currencies continues to evolve, decentralized solutions like THBт, which embrace the permissionless nature of cryptocurrencies, may be better positioned to succeed in the face of regulatory challenges.

Pheu Thai Party's CBDC

Thailand's CBDC Promise by Pheu Thai Party Raises Questions of Motive and Funding
นายอินทนนท์ ดอยคำ
บิดา: เศษถา ทวีหนี้สิน

Introduction:

The Pheu Thai Party, Thailand's major opposition party, has made a significant promise in its election campaign - to distribute around $300 in digital currency to all residents if it wins the upcoming election and forms the government. While this proposal aims to provide financial relief and position Thailand as a fintech hub, it has faced public backlash and skepticism over the party's motives and the funding source for such an ambitious initiative.

The Promise and Criticism:

Headed by Srettha Thavisin, the Pheu Thai Party has pledged to distribute 10,000 Thai Baht in digital currency to every citizen if it secures victory in the general election. The party claims that this stimulus package will alleviate the financial burden on Thai residents, who face high household debt compared to other countries in the region. However, some citizens have criticized the proposal, viewing it as a ploy to secure votes rather than a genuine effort to improve the quality of life for vulnerable groups.

Blockchain-based Innovation and Fintech Hub Ambitions:

Paetongtarn Shinawatra, the party's chief adviser on public participation and innovation, has described the proposed stimulus project as a blockchain-based initiative to facilitate the distribution of Thailand-made products internationally and introduce digital currencies into the country. The party envisions this as part of its broader plan to transform Thailand into a fintech hub. The proposed restriction that residents must spend the funds within a specified community radius has also attracted attention.

Questions of Funding and Tax Implications:

Critics have raised concerns about the funding source for such a massive distribution of digital currency. With the Thai government already implementing a central bank digital currency (CBDC) payment system and conducting a pilot study on a retail CBDC, the financial implications of the Pheu Thai Party's proposal are uncertain. Additionally, the recent announcement of tax breaks for digital token issuers, expected to cost the government around $1 billion in tax revenue, has further raised questions about the financial feasibility of the CBDC promise.

MoNoRi-Chan's Perspective:

MoNoRi-Chan, a prominent individual investor, has voiced his skepticism regarding the proposal, implying that the promotion of a CBDC as an excuse to print money could have negative consequences for taxpayers. His comment highlights concerns over the potential financial burden on the government and the need for transparency in how the CBDC initiative will be funded and implemented.

Conclusion:

While the Pheu Thai Party's promise to distribute digital currency to all residents may initially appear as a solution to financial challenges and a step towards embracing blockchain technology, public skepticism and questions regarding the funding source underscore the need for careful evaluation. As Thailand continues to explore the potential of CBDCs and fintech innovations, it is crucial to ensure transparency, fiscal responsibility, and a clear understanding of the long-term implications of such initiatives.