Thailand does not prohibit the use of crypto for payments, but warns of price fluctuations - regulation
Thailand does not prohibit the use of crypto for payments, but warns of price fluctuations - regulation
Officials of the Bank of Thailand say that the use of cryptocurrency as a means of payment is not illegal. However, they added that the users "have to be able to accept the risks", including price fluctuations.
The use of crypto for paying goods and services is not illegal in Thailand
Sakkapop Panyanukul, Senior Director of the monetary policy department of the Bank of Thailand (Bot), has clarified the central bank's attitude this week.
He explained that the Bank of Thailand is currently discussing the regulation of cryptocurrency with the Thai Securities and Stock Exchange Commission (SEC). The aim of the bank is to limit consumer risks in connection with the use of cryptocurrencies for payments.
The director found that some people already use crypto to pay goods and services in Thailand, and emphasized:
It is not illegal ... but [users] must be able to accept the risks.
The Thai central bank previously said that cryptocurrency in the country is not a legal means of payment and its use as a medium of exchange is "a exchange between the owner of the digital wealth value and the provider of goods and services, in which the payer and the recipient accept each other". All risks associated with it. ”
The director continued: "If other currencies are widespread, this will affect the capacity of the central bank to monitor the economy."
Another director of the Bank of Thailand, Chayawadee Chai-Anant, explained that many central banks worldwide share the same concern that crypto endangers financial stability. While she expressed concerns about financial stability, she made it clear:
At the moment, the Bank of Thailand does not prohibit the use of digital assets for payments of goods and services, but is concerned due to its price fluctuations.
In the meantime, the Thai central bank Tuesday that it will be available. to be involved in the trade with crypto-assets due to the risks that result from the high price volatility. Chai-Anant said at a press conference:
We do not want banks to be involved in the trade in digital assets directly because banks are responsible for customer deposits and the public (responsible) and exist.
However, she found: "If a company is a shareholder, this is another topic." The Siam Commercial Bank (SCB), one of the largest banks in Thailand, announced last month that they acquire 51% of the shares in a cryptocurrency exchange.
cryptocurrency has gained popularity as a means of payment for goods and services in Thailand. In July, the Thai central bank A WARNING Information on digital asset. In October the prime minister of the country warned about investments in cryptocurrencies and indicate that this volatile and high speculative are.
in November, T The Thai tourism authority (TAT) announced that they are working with the SEC and the central bank to make visitors out of cryptocurrencies in the country easier and more convenient. "Crypto is the future, so we have to make Thailand a cryptopositive society to welcome this group of quality tourists."
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