Yesterday Thailand said it plans to strictly regulate the use of digital assets or cryptocurrencies for payments for goods and services. The three main regulators, the Bank of Thailand, the Securities and Exchange Commission (SEC) and the Ministry of Finance (MoF), issued a joint statement.
Some digital asset businesses have tried to sell digital currency payment solutions to local businesses. The regulators are concerned about the impact on financial stability and money laundering, as well as additional risks to consumers from cybertheft and leaking personal data through payments.
The aim is only to allow regulated digital assets to be used for payments. Sethaput Suthiwartnarueput, Governor of the BOT, highlighted the risks of widespread use of digital currencies for payments. But he also noted that “digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public.” Meanwhile, the central bank is developing a prototype central bank digital currency.
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