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Bank of Thailand: Don't Use Crypto for Payments
The central bank stressed that cryptocurrencies are not legal tender in Thailand.
The Bank of Thailand (BoT) says firms soliciting “digital assets such as bitcoin and ether as payment for goods and services” are cruising for a bruising.
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The central bank said Thursday it will coordinate with Thailand’s Securities and Exchange Commission to mitigate associated risks to the country’s financial system should crypto payments become widespread.
Siritida Panomwon Na Ayudhya, the bank’s assistant governor of payment systems policy, said the BoT is continuously monitoring the development of digital assets and stressed that crypto is not a legal tender in Thailand.
“The BoT does not support the usage of digital assets as a means of payment for goods and services, a view that is consistent with many international organizations and regulators such as the International Monetary Fund (IMF), the Bank for International Settlements (BIS) and central banks of England, the European Union, South Korea and Malaysia,” the BoT said in a statement.
Read more: Thai Central Bank to Pilot Its Retail Central Bank Digital Currency in 2022: Report
Ayudhya added:
“In using digital assets as a means of payment, both the payer and the receiver may face risks such as price volatility, cyber theft, and money laundering.”
The proclamation comes as BoT plans to pilot a retail central bank digital currency (CBDC) next year.
Earlier this year, the BoT said it will issue stablecoin regulations after warning against the “illegal” use of Terra’s baht-denominated stablecoin.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
