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Officials at the Bank of Thailand stated that using cryptocurrency as a payment method is not illegal. However, they added that users must be able to resolve risks” and price fluctuations.
Using crypto to pay for goods and services is not illegal in Thailand
Sakkapop Panyanukul, senior director of the Financial Policy Department of the Bank of Thailand (BOT), handled the central bank’s cryptocurrency stance.
He explained that the Bank of Thailand is currently discussing ways to regulate cryptocurrencies with the Securities and Exchange Commission (SEC) of Thailand, relevant agencies and stakeholders. The bank aims to limit customer risks associated with the use of cryptocurrencies for payments.
Noting that some people are already using cryptocurrency to buy goods and services in Thailand, the director emphasized:
“It’s not illegal…but [users] Should be able to adapt to risks. “
The Thai financial organization has previously mentioned that cryptocurrency is not a medium of exchange within the country, and using it as a medium of exchange “constitutes a barter trade between the owner of digital quality and the supplier of products and services, whether it is remuneration. The recipient is still the recipient to resolve all related risks reciprocally.”
The director went on to mention, “If alternative 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 have similar concerns that encryption will endanger currency stability. Regarding the readjustment issue involving currency stability, she clarified:
Currently, the Bank of Thailand has not banned it, but due to its value fluctuations, it is uneasy about using digital assets to pay for products and services.
At the same time, the Bank of Thailand said on Tuesday that it discourages commercial banks from paying direct attention to mercantilist crypto assets due to the risks posed by high-value fluctuations. Chai Annan said at the press conference:
We don’t need banks to directly focus on digital quality mercantilism, because banks (responsible for) customer deposits and the public, and there are risks.
Post Thailand does not ban the use of cryptocurrencies for payments, but warns of fluctuations in value First appeared in Bitcoin wire.
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