Bahtcoin
Bahtcoin (บาทคอยน์) เงินกงเต็กดิจิทัล
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Title: The Rise of THBт and the Fall of Bahtcoin: A Satirical Look at Digital 功德 and the Challenges of Central Bank Digital Currencies
Introduction
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.
