Innovation must not erode basics of money – BoT governor
Digital tokens untethered to central banks are not the future of money, claims Sethaput
Innovations in the monetary system such as cryptocurrencies and stablecoins must not be allowed to undermine what money is fundamentally, the governor of the Bank of Thailand has argued.
In his keynote speech today (June 11) at the Central Banking Summer Meetings in London, Sethaput Suthiwartnarueput emphasised the core functions of money as a unit of account and as a means of payment.
This, he said, meant that the various kinds of money needed to have equal value at all times.
“Central bankers
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