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At the title of this video suggests we are asking the question, is the future of banking in Thailand de-banking? Why am I asking that? Well I thought of making this video after reading a recent posting on X from The Nation, that is @TheNationth on X, quoting directly: "The Bank of Thailand (BOT) is intensively elevating its supervision of the financial system. This follows a previous disclosure by Chayawadee Chai-Anant, Assistant Governor, Corporate Relations Group, that the BOT had coordinated with Alipay and WeChat Pay providers to suspend at least 5,000 accounts using person-to-person (P2P) QR codes for commercial payments. She reiterated that service providers in Thailand must only accept payments in Thai Baht, warning that violators will face legal penalties."

Now the underlying issue as far as use of currency is one thing, I do get that. There is a legal mandate you have to use Thai baht in Thailand. So setting that aside though, but I mean this was pretty chilling to me. "Suspend at least 5000 accounts using person to person P2P QR codes". And the thing I immediately thought of is yet again, I mean how many times do we need to get led down this banking primrose path. Everything they say that is being added for convenience is just being added for them to be able to just de-bank people at the drop of a hat. "Oh, QR codes; makes everything more convenient". Now you can't Bank anymore. "Oh, we're going to digitize the banking system." ‘Oh now you have to come down and do all kinds of extra paperwork to align your phone with the bank”, which okay, why? “Now we need biometric scanning of your face and every other thing in order to bank”. It really is, there really isn't much of another word for it; it's totalitarianism. Then meanwhile, and I put the clip of this up before, we've got economic advisors that came over here that were on Tucker Carlson that literally said that the '97 financial crisis was effectively an operation, for lack of a better term, by both the Central Bank and outside foreign influence, banking influences, to try to put Thailand on its back and buy Thailand's assets for pennies on the dollar.

Squeezing liquidity down to a trickle and causing a massive decrease in the velocity of money is a pretty good way to see Thailand's economy seize up. And who is doing this? Who is suspending the Bank accounts? Who is stopping people from transferring more money than 50,000 at a go. The banking system was objectively better in 2020 than it is at this moment; that's just a fact. It was easier to use, it was more convenient, you could move capital more quickly, there wasn't all this nonsense red tape and oversight for no particular reason. And then in comes the World Economic Forum, in comes the OECD - Organization for Economic Cooperation and so-called Development - to come in and just tell us all what to do and everything's getting objectively worse in banking. Now we are seeing people just completely having accounts suspended and it looks like the BOT is trying to figure out how to better do that in the future.  

I mean I don't understand, where is the impetus for this coming from? Especially on a national level. How is Thailand benefiting from any of this? Economically, in terms of trade, anything. Meanwhile, they say, "oh it's mule accounts and crime, and all of this”. We are still seeing the same old scams going on. We get subjected to scams, well I should say we get emails from people where people will impersonate our firm and have them send money to some mule account; I still receive emails where people are telling me that. We have reported that to the police umteen times. So I really am finding the whole argument from the law enforcement perspective a bit disingenuous. 

That being said, it remains to be seen how all this evolves, so I guess I'll continue keeping folks updated on this channel as the situation evolves.