Thailand's central bank is launching cryptocurrency, can Bangladesh do this? π€π
Cryptocurrency or digital currency or virtual currency has raised a storm in the world. It is believed that after the discovery of the Internet, this Cryptocurrency is going to be the biggest technical discovery. Especially after the creation of bitcoin, the demand for cryptoconcines has increased manifold. However Cryptocurrency is a nightmare for the central bank of any country in the world. Central banks are not willing to do it through their transaction cryptos. Cryptocurrency have been declared illegal in many countries, such as our Bangladesh. Using crypto like Bitcoin in Bangladesh is totally illegal. The reason behind this is very clear.
Cryptocurrency is a nightmare for the central bank of any country in the world; Image Source: Thailand Business News.
To transaction of cryptocurrency does not require any third party. That means if there are transactions with cryptocurrency, there is no need for the bank named institution. Because these transactions are directly in the customer-sender. The transaction process is complete with blockchain technology. Generally banks are profitable by their customers through transactions and other services. In other words, the bank will determine the value of the services provided by the customers for financial services from the bank. Banks get themselves from the money that comes from there.
This service can be financial transactions, credit cards, debit cards etc, may be savings certificates, tax or tax related issues. Basically the bank makes a lot of money from financial transactions. If cryptocarcation is activated, then the bank will not be required. But then the financial institution named Bank can be completely wiped out. There is also an eye on the central bank in any transaction. This surveillance of the central bank is very low in black money, illegal transactions etc. For these reasons, central banks have imposed a ban on cryptocurrency.
The Bank of Thailand has announced that they are launching their cryptocurrency within the first four months of 2019; Image Source: Live Coin Watch.
However, cryptocurrency can not be used at all. Technologies that are used in cryptocurrency but banks can use their own transactions for security purposes. The technology called blockchain will make banking transactions more efficient. Besides, there is less fear of online hacking in cryptocurrency transactions. This technology can be used in full control of the central bank, not accepting the Decentralise that is traded through the crypto. The developed countries, however, are using crypto in this way.
In order to keep pace with the modern world and get more popularity among the people, the central bank of Thailand announced the Bank of Thailand that they are launching cryptorcans in their country within the first four months of 2015 and they will be fully responsible for their central bank. Their new virtual currency will be the official name, Central Bank Digital Currency (CBDC). First they will start with the journey with eight more commercial banks.
What will happen if you deal with cryptocurrency will be monitored; Image Source: Bitzmap.
Here their main goal is to verify the acceptability of the cryptococoncy. This will be verified through financial transactions in Thailand. It will be a prototype type of work. With the help of cryptococoncenny, it will be monitored on what problems can be encountered and simultaneously getting benefits in some way, so that later on, customers can arrange different facilities through crypto.
Thailand banned the Bitcoin in 2013; Image Source: Medium.com.
Now talking about why Thailand decided to use crypto? The answer is to keep pace with technology and be prepared for the future. The improvement of the Internet and computer technology in the twenty-first century has resulted in massive changes in the world's economic sector. The economic behavior of the people has changed. People used technology for financial transactions. Because of the cost of technology, there is very little time consuming in such transactions. Since the impact of technology on the socio-economic management of people is high and the Western world is embracing new technologies like cryptocurrency, so why will Thailand stay behind? And since it is proven that using crypto is beneficial in many ways, and people are expressing their willingness to use it, so if there is no work done, then there is a possibility of getting back in the future.
The future world will be completely digital and cashless economy; Image Source: Coin Advice.
Besides, there will be a day when it will be done by crypto to trade with the outside country. If there is a country now using cryptocurrency in its own country, then what can be the problem and how it can be solved is to find out, in many cases they will fall back later. So Thailand has taken that the future world will be completely digital and cashless economy. That means there will not be any value of paper money. The whole will be through the digital method in the digital method.
Why did Thailand decide to use crypto? Image Source: ICOnow.
Thailand is now working on crypto rules. In some cases, crypto will be used, in some places it can be traded directly through crypt, working in the direction of general public transactions etc are working now. After announcing it will use Thailand's cryptococarrency centrally, there are already crypto-traders from different countries of the world. Among them, Bitcoin Company Limited, BitCab Online Company Limited, Cash to Coin Company, Coin Estates etc. are among the others. They showed interest in their investment in Thailand.
Bangladesh may also use the technology of trading with crypto if desired. The control of the whole process of transactions must remain with the Bangladesh Bank. In some cases, Bangladesh may give permits to international or local transactions through cryptos. In this way, our country will go a long way in becoming a Digital Bangladesh. Besides, when such technology is created, people need to control, maintain it. There is no doubt that creating a technology that will create an efficient population so far.
Feature Image: #FinanceMagnates.
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