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Officials of the Bank of Thailand stated that it is not illegal to use cryptocurrency as a means of payment. However, they added that users “must be able to accept risks”, including price fluctuations.
Using cryptocurrency to pay for goods and services is not illegal in Thailand
Sakkapop Panyanukul, senior director of the Monetary Policy Department of the Bank of Thailand (BOT), clarified the central bank’s cryptocurrency stance this week.
He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrencies with the Securities and Exchange Commission (SEC) of Thailand, relevant agencies and stakeholders. The bank aims to limit consumer risks associated with the use of cryptocurrencies for payments.
Noting that some people are already using encryption to pay for goods and services in Thailand, the director emphasized:
It’s not illegal…but [users] Must be able to accept the risk.
The Bank of Thailand previously stated that cryptocurrency is not legal tender in the country and that its use as a medium of exchange “constitutes a barter trade between digital asset owners and providers of goods and services. All risks.”
The director went on to say: “If other currencies are widely used, it will affect the ability of the central bank to monitor the economy.”
Chayawadee Chai-anant, another senior director of the Bank of Thailand, explained that many central banks around the world are concerned that encryption may endanger financial stability. When expressing concerns about financial stability, she clarified:
Currently, the Bank of Thailand has not banned but is worried about using digital assets to pay for goods and services due to price fluctuations.
At the same time, the Bank of Thailand Say On Tuesday, it discouraged commercial banks from directly participating in crypto asset transactions due to the risks posed by high price fluctuations. Chai Annan said at the press conference:
We do not want banks to directly participate in digital asset transactions, because banks are (responsible for) customer deposits and the public, and there are risks.
However, she pointed out, “If a company is a shareholder, that is another matter.” Siam Commercial Bank (SCB), one of Thailand’s largest banks, announced last month Acquired 51% of the shares On the cryptocurrency exchange.
In Thailand, cryptocurrency is becoming more and more popular as a way to pay for goods and services. In July, the Bank of Thailand issued warn Notice regarding the use of digital assets as a means of payment. In October, the country’s prime minister warn Regarding the investment in cryptocurrency, investors said that it is highly volatile and highly speculative.
November, tonsThe Tourism Authority of Thailand (TAT) revealed that it is working with the US Securities and Exchange Commission and the Central Bank to make it easier and more convenient for tourists to use cryptocurrency in the country. “Encryption is the future, so we must make Thailand an active crypto society to welcome this group of quality tourists,” Say Governor of TAT.
What do you think of the Bank of Thailand’s crypto position? Please let us know in the comments section below.
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