Central Bank puts NATCoins on hold
The Central Bank of the Naturist Association Thailand has put the NATCoins payments on hold until the holders of the NATCoins start spending their money. This means that members will until further not be able to earn more NATCoins by being active on the website.
At the beginning of NATCoins system, members had fun playing with the point system, adding photos and friends and seeing their accounts grow. The idea was, that the earned NATCoins should be spent as full or partial payment at the resorts or as payment for renewal of their memberships. But during the Covid period, few members with NATCoins would travel to spend the money at the member resorts.
Currently, the total amount of NATCoins in curculation is 140.000 THB. But the problem is, the NATCoins are not circulating. The NATCoins keep accumulating in the accounts of the members. The idea is, that they should be spent at the resorts. Then the resorts would get cash in return when they send their NATCoins over to the Central Bank. And then the Central Bank would have reserves to pay out new NATCoins for various actions that should be rewarded.
It is not good fiscal policy to just keep printing new money "out of thin air", so until the members start spending the NATCoins, new reward payments have to be put on hold. Hopefully, once the high season starts in October, we will see some of the "rich" members come on vacation and spend their money and the wheels can start turning again.
It is like learning Monetary Policy in a naked fishpond.
How to spend?
You transfer the coins to the account of the resort.
You are the Finance Minister Gregers :-). So I must transfer to you and in February, you deduct the amount from my bill?
We must keep the separation of roles. You can transfer to Centralbank the amount you want to spend on a renewal. You can transfer to any of the resorts the amount you want to pay for your stay. But if you transfer to me, I will just say ‘thank you for the gift’ and keep the NATCoins 🙂
Haha :-). Okay will try to remember that once the time come for it.