Production line could be disrupted by flooding as we witnessed in 2011, natural disasters could affect logistics, and our popular beaches become more vulnerable to the rising sea level and changing weather patterns. Impact on agricultural sector Most concerning, perhaps, is the effect on the agricultural sector which is the source of employment for more than a third of our population. New types of plant and animal diseases could thrive in the warmer climate. Soil loss and land degradation through floods and land mismanagement could decrease crop yield. With only a fifth of our agricultural land having access to irrigation, severe draughts and floods pose serious risks to the Thai society. With most of the workforce earning low income, impacts on the agricultural sector is likely to affect those who are most vulnerable in the society. While being net exporters of agricultural products provide us some sense of food security, the agricultural sector—one of the least productive sectors in the economy—needs a complete overhaul to stay competitive amidst these challenges ahead. Adoption of agricultural technologies including data collection, precision farming, and resource-sharing platforms; development of plant and animal varieties 4  that are resilient to climate change and diseases; along with usage of closedenvironment production techniques would help raise productivity and resilience of the sector that many of us consider the backbone of our economy. Sustainable businesses The agricultural sector is not the only sector that needs to change.
In fact findings show that the implications of this in the long term for the ability of households and businesses to get a loan are relatively modest – although there is considerable uncertainty around this result. As such, while other risks may arise during a transitionary phase, the most significant risk arises from the potential for stablecoins in particular to undermine confidence in money and payments, and hence in the wider financial system. As we discussed a few minutes ago, the risk of a loss of confidence in the credibility and stability of private money is not theoretical. Loss of confidence in private money can be a major threat to financial stability. But it is equally true that private money can be made acceptable as a widespread means of payment – indeed, as I covered earlier, the vast majority of money held for transactions in the United Kingdom is already private. So, with the right regulation, a stablecoin could potentially be made safe for wide-scale use. Our existing regulatory framework seeks to ensure that the public is able to trust the reliability and stability of the money it uses every day. Banks are subject to extensive rules and requirements to ensure that consumers can use privately-issued money with confidence and interchangeably with cash. These core rules and requirements were developed over time – in many cases via trial and error, with new rules introduced following financial crises.