Thailand announces that cryptocurrency is regulated as a means of payment - regulation

Thailand has announced that cryptocurrencies are regulated as a means of payment for goods and services, "to avert possible effects on the financial stability and economic system of the country". The announcement was published by the Bank of Thailand, the Thai Securities and Exchange Commission and the Ministry of Finance.

cryptocurrency will be a means of payment in Thailand

The Bank of Thailand (Bot), the Thai Securities and Exchange Commission (SEC) and the state Ministry of Finance (MOF) together announced their plan on Tuesday to regulate cryptocurrency as a means of payment.

The three supervisory authorities said that after examining the advantages and risks of crypto-assets, they consider it necessary to regulate the use of digital assets as a means of payment for goods and services in order to averted potential effects on the country's financial stability and economic system. ”

With indication that crypto companies offered services in connection with the use of cryptocurrencies as a means of payment, including the establishment of crypto processing systems, the supervisory authorities admitted:

This can lead to a broader acceptance of digital assets as a means of payment, apart from their use as an investment, which could possibly affect financial stability and the entire economic system.

The authorities then outlined various crypto -related risks for consumers and companies, such as "price volatility, cyber theft, seepage of personal data or money laundering, etc.".

The announcement continues: "The regulatory authorities are considering their powers in accordance with the relevant legal frames in order to limit the widespread introduction of digital assets as payment of goods and services."

Sec-General Secretary Ruenvade Suwanmongkol made it clear that the SEC, which regulates crypto shops, also has a guideline to promote the development of companies with digital assets.

The governor of the Bank of Thailand, Sethaput Suthiwartnarueput, said:

The widespread introduction of digital assets currently has a risk of the country's economic and financial system as a means of payment for goods and services. Therefore, clear monitoring of such activities is required.

"However, technologies and digital assets that do not rescue such risks should be supported by suitable regulatory framework in order to promote innovations and achieve further benefits for the public," he concluded.

What do you think that Thailand regulates cryptocurrencies as a means of payment? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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