Adoption of Libra as a Digital Currency in Thailand

Libra, Facebook's cryptocurrency, is expected to have an impact on the global monetary system; therefore, it is interesting to investigate Libra's adoption in Thailand. The objectives of this research are to examine the key factors in the acceptance of Libra and to gain an understanding of Libra. Logistic regression analysis was used for data analysis. The results indicate that Libra coins have not been accepted among Thais yet. Factors in influencing the acceptance of Libra are age, career, saving, social media, and knowledge scores. To encourage the adoption of Libra, the chapter suggests that gaining knowledge about cryptocurrency nationwide should be prioritised. Moreover, financial institutions should encourage the usage of cryptocurrency among low-saving clients and small enterprises as these groups tend to accept Libra rather than those with a large amount of savings. If cryptocurrencies are accepted nationwide, it might attract investors and boost Thai economic growth.

Digital Currencies and Relevant Policy Analysis

The paper collates the relations of digital currencies with the past forms of currencies, studies the operating mechanism of digital currencies, analyzes the influence of digital currencies on the financial order and economic pattern, and probes into how to drive the reform of global monetary system with pragmatic and innovative efforts. The paper highlights: First, the evolution and development of currency reflects the mankind’s social and economic development level. Second, digital currency born with the advances of technology does not change the content of credit money. The credit money-to-digital currency shift must respect the operating mechanism of money and ensure that the physical market and the money market are balanced or roughly balanced. Third, with a complicated influence on the social economy, digital currency is unlikely to change the global monetary system and the international economic pattern easily. Fourth, the work of encouraging financial innovation and improving overall financial infrastructure should come with strengthened efforts to develop sound rules governing the market order in the context of digital economy, by guarding against the risks from “excessive monopoly” and “decentralization”. Fifth, the paper calls for linking “trust, confidence and credit” of the human society organically with such intrinsic values as global development, global planning and global resources, and also leveraging such values to actively approach the “Earth-based” monetary system and its replacement of the “gold standard”, the “silver standard” and the sovereign credit based monetary system which have been in long use.

Organic global cryptocurrency: towards a stable international monetary system that is closer to Maqāṣid Sharīʿah

PurposeThe most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist.Design/methodology/approachModel design, theory and literature.FindingsThe model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system.Originality/valueOriginal.

Cash innovations and digital economics: reaction of the state, society and universities

The article is devoted to the study of theoretical approaches to the content and functions, as well as the results of the introduction of modern digital financial innovations (cryptocurrencies, blockchain technologies) into modern financial and economic circulation in various countries of the world. It analyzes the positions of government structures, central banks of different countries in relation to challenges and risks, on the one hand, and progressive changes that accompany the introduction of digital technologies in financial and economic relations, and also discusses some of the prospects for the global monetary system. A special place in building the architecture of the new global financial system is given to higher education, modern universities that can implement training for the new economy and social sphere. The analysis allows to draw conclusions about the active role of the state, the structures of civil society in the adaptation of the population to the challenges of the information revolution.

Third World and the Old Economic Order

The chapter looks at the existing economic order of the 1970s and how that did not extend a level playing field to the developing countries. He mentions the key areas where the disparity is most evident—in international structure; global monetary system that creates imbalances in distribution of credit; in commodity trading, where developing countries are not given a fair price of their products; in case of free trade, where there is restriction on free movement of labour. He urges the developing countries to come together to demand a re-structuring of international institutions for economic and intellectual liberation and independence of the Third World.