Cryptocurrency

Bank of Thailand sees growing crypto demand in the country

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According to Thailand’s central bank, a growing number of citizens and companies are now clamoring for crypto payments, which indicates the country’s maturing appreciation over cryptocurrencies.

But even with the growing optimism on cryptocurrencies, particularly on bitcoin and ethereum, the Bank of Thailand (BOT) also warns about the risks that come with them. 

Through its guidance, “Caution on Using Digital Assets as Means of Payment for Goods and Services”, the central bank provided all the specific risks that businesses and citizens may face on crypto. 

Legal tender? Not yet

One other thing that BOT highlighted is that cryptocurrencies are not legal tender which means that the government is still not recognizing them as a means of payment for goods and services. 

Also, volatility, cyber theft, and money laundering are the top reasons why the government can’t fully support (and trust) the emergence of cryptocurrencies. 

Prepared for the crypto’s rise

The level of crypto use in Thailand is rising, but not yet widespread, but when it reaches that point, the central bank of Thailand is prepared to deal with this situation. 

According to the BOT, when crypto use has reached widespread use in Thailand, it would coordinate with the Securities and Exchange Commission to add further regulations on digital assets. 

The bank has also said that it will bring other relevant agencies into the regulatory circle to implement policies that would protect the public from the risks of cryptocurrencies. 

But as early as now, the Thai SEC has imposed a policy banning crypto exchanges from providing services on cryptocurrencies under the categories of meme, fan, and non-fungible tokens.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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