As published by Jeff Brown -- The Bleeding Edge Newsletter -- it turns out that not every country is excited about cryptocurrencies and digital assets.
Thailand’s central bank just declared that any privately issued stablecoin denominated in the Thai baht is illegal. This is a warning shot. If Thailand is going to have a digital currency, it’s going to be issued and managed by the Central Bank of Thailand.
This came in response to the creation of THT – a stablecoin denominated in Thai bahts. Interestingly, the THT was created on a South Korean stablecoin platform called Terra.
And Thailand’s warning went one step further. Not only is the creation of Thai stablecoins against the law, but it is telling Thai citizens to refrain from using them. Talk about a heavy-handed approach.
This isn’t surprising. No government wants to see its currency issued by another entity… let alone from an entity outside of its borders. From the central bank’s perspective, this could destabilize the nation’s monetary system.
So the Thai government wanted to act before it was too late here. I expect we’ll see more governments follow suit. In fact, there are already similar bans enacted in China and India.
This illustrates that the value of a state-backed currency is enormous. Governments and central banks aren’t going to give up control of their national currencies easily. We can expect that they’ll fight. That’s why we are finally seeing countries scramble to develop their own CBDCs. It’s a race to catch up with China.
The developments taking place in digital currencies are representative of a major turning point in the industry. This is something I call a digital leap. That’s where industries move from the analog stage to the digital stage.
Digital leaps always bring with them unbelievable opportunities. Just think about the rise of Amazon and Netflix. Early investors made an absolute fortune in these two companies.
And thanks to the COVID-19 pandemic, the next major digital leap is at hand. As I write, an $11.9 trillion industry is cutting through the red tape that’s held it back for decades, setting itself up for a massive move to digital.
This is something I’ve (Jeff Brown of The Bleeding Edge) been furiously researching in my spare time, and I’m convinced that what may be the last digital leap of our lifetimes is imminent. The time to position ourselves for massive profits is now.