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Nicholas Creed's avatar

Here are two anecdotes from this Thailand based reader to give you a modicum of hope, Amy. Last week I spoke with the owner of a long established gold shop in Yaowarat (China town, Bangkok) - where I bought the wedding rings for my wife and I a while back. I asked the (Thai) gold shop owner for this thoughts on the CBDC "digital wallet" 10k THB giveaway scheme. He replied:

"I think they (govt) shouldn't do it. It is a trap. It will bankrupt the country financing this 'free' giveaway. Thais will just find a vendor that will swap the tokens for cash, perhaps 7,000 THB with their fee taken. Cash is still king in Thailand."

Yesterday, I was out in Nakhon Nayok with my wife and her family, for remembrance rites at a temple for her late grandmother - passed away in 2020. After the chanting with the monks was finished and we shared some food, my wife's Mother began talking animatedly about the CBDC. Her sister in law asked "why is it so bad? I am thinking of registering my shop with the digital wallet so that people can use the digital tokens to buy my products".

"Do not do it. Do not accept it. IF you register your business with the digital wallet, you will never be able to convert those tokens into cash. You can only spend it on government approved products, within a 4km radius of your house registration address. You will be tracked and taxed automatically. Use cash" - my mother-in-law said. This really pepped me up and had me smiling all day long afterwards.

I think perhaps more Thais than I had realised, see this digital wallet as just a carrot based trap.

Cash is king.

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kitten seeking answers's avatar

BTC tulip bulbs down big too

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