Transcript of the above video:

As the title of this video suggests, we are discussing the so-called "war on cash." We have discussed this in other videos where we have discussed things associated with for example Thai ID cards now being necessary to deposit money into cash deposit machines, ATM machines here in Thailand. We have also discussed it in the context of discussion out there about getting rid of a certain amount of the money supply and Thailand introducing a so-called digital currency, these kinds of things.

Something I was thinking about the other day, and there was somebody I was listening to out there and to kind of give credit where credit is due, there is a person named Alasdair McLeod, who is I believe a former Bank Director. He talks quite frequently to a lot of different folks out there on YouTube and he brought up an interesting point on this topic of so-called Central Bank digital currency, the sort of cryptocurrency, crypto cash, they have like the E-Yuan up in China now, this seems to be something of a I don’t know, you want to call it, a pipe dream of Central Banks or something where they really are looking at trying to make this digital currency thing happen. I remember I think it was back in 2018 reading an article that the IMF had this distributed ledger technology, so-called block-chain technology up and going. They were looking at having something associated with the special drawing right so there are a lot of things going on out there with respect to this Central Bank digital currency notion. But Alasdair McLeod if I recall, and I can't pinpoint exactly, I will try to put a link up to just find him directly as best one can; I'll try to even find the video where that was discussed directly but he brought up a good point. He was talking about commercial banks in the United States that one area, one sector so-called of banking that you are not hearing about Central Bank digital currencies is Commercial Banks and it brings up a good point. If there is Central Bank digital currency so-called, it kind of goes into question what's the purpose of commercial Banks, or Commercial Banking functions. Okay I can see in the near term yeah while the world if you will or any given economy is getting used to Central Bank digital currency, yes there will still be Commercial Banking functions but in the longer term, would there really be the necessity for that, for those Commercial Banking functions? And as Mr. McLeod bought up I believe in multiple other videos, there clearly is not a clamor for that at least in the US Commercial Banking sector and I am just kind of curious if the Thai Commercial Banking sector has been thinking about the long-term ramifications of so-called Central Bank digital currency because I have to raise the question, "What does that mean for the Commercial Banks in the long term?" And, yeah I can see certain Commercial Banking functions sticking around but in a digital world, and I really have watched this over the years just growing up where being a kid there was so many sort of for lack of a better term White Collar clerical jobs that just existed in the economy, they are just gone today.

I remember Banks when I was a kid and there were people in them and they were working there and they had functions. Yes you can make arguments that they were just pushing paper around and what not but they still had jobs, they still had functions within an overall system, within an overall institution if you will. Then cut to going into 2023, I am pretty sure in a Western Bank and I haven't walked into a Western Bank, a bank in the United States or in the West in easily 5 years, probably a little more than that but when I was last there, I couldn't figure out why they even had physical locations frankly. I mean other than yeah I guess there was still cash out there so they needed a place for people to be able, a teller window but almost everything was done by drive thru the last time I was over there. I mean walking into a bank was kind of a rarity is my understanding. Okay that sort of increased efficiency, digitization of processing that has led to let's say the diminution of jobs, the diminution of functions by Commercial Banks, but at the point of which the Central Bank and it's my understanding this is how Central Bank digital currency would work, the point of which Central Banks are just directly infusing money direct into the economy, not dissimilar to the so-called stimulus cheques that were handed out during the pandemic situation going back a couple of years ago where the treasury just sent money out to the population, it is my understanding that this is just another sort of, how do you want to put it, just another kind of baby step past that where the Central Banks will just be dealing direct with the public. That is at least my understanding of how this is going to play out, so-called Fed Coin for example. People are going to have it's my understanding, an account with the Federal Reserve, the Central Bank of the United States.

I mean if that occurs, it really does beg the question, I am not trying to beat a dead horse here but it really does beg the question: "What does become the function of Commercial Banks, either in the United States or here in the Kingdom of Thailand?"