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  1. #1
    Thailand Expat misskit's Avatar
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    Central bank to do real-world test of digital currency in Q2, 2022

    BANGKOK (NNT) - As more and more attention is falling on digital currencies, the Bank of Thailand now intends to do a limited real-world test of its digital currency or CBDC in the second quarter of 2022.

    Bank of Thailand Deputy Governor Vachira Arromdee said the BOT has undertaken studies on Central Bank Digital Currency (CBDC) since 2018 as it realized the potential benefits to be had for the future development of Thailandís digital currency. She said the central bank plans to do a limited, real-world test of its CBDC in order to study its use in transactions and payments for goods and services. The limited test is scheduled for the second quarter of 2022, during which businesses and developers will also be involved in the test. The participation model and the criteria for participant entities are being determined.

    Dong He, Deputy Director of the Monetary and Capital Markets Department, International Monetary Fund, viewed that the central banks of each nation needed to play roles in designing and regulating the use of CBDC. The objective was to maintain the stability of the financial system as well as the robustness of currency value, in contrast to privately issued cryptocurrencies whose values were volatile.

    Siam Commercial Bank President Arak Sutivong expressed his belief that the collaborative creation of a digital money system by the public and private sectors will produce a system that can handle much more than payments. He gave examples of lending and international money wiring, saying transformation toward digital finance is a global focal point at present.

  2. #2
    david44's Avatar
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    Behind a rhododendron bush
    Quote Originally Posted by misskit View Post
    Dong He, Deputy Director of the Monetary and Capital Markets Department,
    What could possbly go dong

    Only this week in a long itany of insider deals, corruption and plain larceny

    Online bank fraud faces probe

    Of course we all know like teh Red BS boy how rapid results are from a deep PROBE

    4 Thai banks are being investigated after an international money laundering report said the Thai banks had “suspicious financial transactions.” The report found 92 “suspicious” transactions in and out of Thailand totalling to $9,558,752 USD received in Thailand and $31,750,000 USD sent out.
    Files were allegedly leaked from the US Financial Crimes Enforcement Network, known as FinCEN, and journalists from the International Consortium of Investigative Journalists, or ICIJ, tracked the money. The FinCEN Files report from the ICIJ says it “reveals the role of global banks in industrial scale money laundering,” citing a total of $2 trillion USD in suspicious global transactions from 1997 to 2017.

    The Anti-Money Laundering Office plans to investigate Kasikorn Bank, Bangkok Bank, Krungthai Bank and the Export Import Bank of Thailand. The office’s acting secretary general Preecha Charoensahayanont says the office is discussing the report with the Bank of Thailand and financial intelligence organisations, according to the Bangkok Post. He says the information needs to be verified first.
    “The information from the media has yet to be verified and no one knows if it came from an official intelligence organisation of the United States… There will be an appropriate response. It does not mean that whenever there is any news report, a big investigation will follow. That would cause panic.”
    The Kasikorn Bank allegedly had 37 suspicious transactions, sending out $9,450,000 USD in suspicious funds and receiving $835,606 USD. Bangkok Bank allegedly had 52 suspicious transactions, receiving $5,966,141 USD and sending out $22,300,000 USD. Krungthai Bank allegedly had 2 suspicious transactions, receiving $200,000 USD. Export Import Bank of Thailand allegedly had 1 suspicious transaction, receiving $2,557,005 USD.
    In 2016, the Bangkok Bank allegedly sent out $22,300,000 USD to the CIMB Bank Berhad. The Bangkok Bank also allegedly received a total of $5,920,731 USD from the Israel Discount Bank in 45 different transactions from June 2,2013 to November 12, 2013.
    Kasikorn Bank allegedly sent out $9,450,000 USD to the DNB Nor Bank Asa. They also allegedly had 18 transactions with the VP Bank AG, receiving $511,606 USD, and 5 transactions 18 transactions with DMS Bank & Trust, receiving $324,000 USD.
    Thailand suspicious transaction data by the International Consortium of Investigative Journalists FinCEN Files

    Ex-Thai banker Rakesh Saxena jailed for 10 years - BBC News

    4 Thai banks to be investigated for "suspicious transfers" after FinCEN files report | Thaiger

    Economic Crime and Fraud Survey in Thailand - PwC › consulting › forensic › econom...
    So we believe a lot of fraud is going undetected. 33% of Thai companies were affected by fraud, corruption or other economic crimes

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