The sorts of prudential controls which might be used are to limit the opportunities for residents to borrow in foreign currency (ie to prevent a repeat of the Bangkok International Banking Facility) and to monitor them when they do; and to keep very tight (indeed, unashamedly intrusive) constraints on banks’ ability to have open foreign exchange positions or indirect exposure through foreign exchange loans.
More than two years since the onset of the pandemic, remote work and school arrangements, contactless payments, online marketplace, and blockchain, have become commonplace. Further into the future, we can expect a drastic change in our digital ecosystem with the recent developments on an old concept—the metaverse.