Thailand Will Make Crypto Payments Part Of Everyday Life

2022-01-26 23:16:50
Thailand Government Trio Decides In Favor Of Crypto

According to the government of Thailand, the country will make all crypto payments for goods and services, legal.

This news come after the Bank of Thailand (BOT), the Ministry of Finance of Thailand (MOF) and the Thai Securities and Exchange Commission (SEC), announced together that crypto will be regulated as an official payment method.

Moreover, the three government agencies/regulators, state that they have to spend substantial time researching both the pros and cons of using crypto.

And according to three regulators, it is ‘necessary to regulate the usage of digital assets as a means of payment for goods and services, to avert potential impacts on the country’s financial stability and economic system’.

In addition, the regulators reveal that there is already a long list of companies in Thailand that use and offer cryptocurrency as a payment option. This refers to setting up cryptocurrency systems for settlements, as well as investing in crypto.

This may result in wider adoption of digital assets as a means of payment, aside from its usage as investment, which could potentially impact financial stability and the overall economic system.BOT, MOF & SEC - Official Statement

Furthermore, the authorities also outlined some of the biggest threats to the national and financial security of the country, as a result of implementing crypto. Some of these risks include ‘price volatility, cybertheft, personal data leakage, or money laundering, etc.’

Protecting The Interest Of The State

In addition, the official statement by the regulators also states that this decision will limit crypto services solely for payment for goods and services. And that the regulators will use every legal framework to ensure that is the case, and not jeopardize the country’s finances.

Regulators will consider exercising power in accordance with the relevant legal frameworks to limit the widespread adoption of digital assets as a means of payment for goods and services.BOT, MOF & SEC - Official Statement

However, the Bank of Thailand seems to believe that making crypto payments legal in Thailand requires special supervision. For that matter, Sethaput Suthiwartnarueput, the Governor of the Bank of Thailand, states that the risk is simply too big, and that is why it is necessary to closely monitor the situation.

At present, the widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system. Therefore, clear supervision of such activity is needed.Sethaput Suthiwartnarueput | Governor of the Bank of Thailand

Thailand joins the small list of countries that are currently working to make cryptocurrency payments legal. Regardless of whether it is a CBDC, or adopting crypto for buying goods and services, Thailand understands that crypto has already become an integral part of our society, and especially the economy.

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