Lens1000
VIP Contributor
Thailand's financial regulators are likely to issue recommendations to limit the use of cryptocurrency as a payment method.
The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) issued a combined press release claiming that using cryptocurrencies for payment poses a threat to Thailand's financial industry.
The organizations noted that digital currencies are widely used as a payment method, but regulators must prioritize consumer protection.
Furthermore, the regulators noted that they have examined the advantages and disadvantages of digital currencies in payment, with price volatility, cybercrime, data privacy, and money laundering standing out as major concerns.
"Regulators will consider exercising power in accordance with relevant legislative frameworks to limit the widespread adoption of digital assets as a form of payment for goods and services," according to the statement.
The rules are anticipated to concentrate on a few cryptocurrencies while also taking into account the relevance of financial innovation.
According to Thailand's SEC Secretary-General Ruenvadee Suwanmongkol, the agency has a responsibility to support the development of digital asset enterprises while also protecting consumers.
The authorities, however, did not indicate when the regulations are scheduled to be unveiled.
There are many countries looking into cryptocurrency regulation and that's what we have seen around the space.
The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) issued a combined press release claiming that using cryptocurrencies for payment poses a threat to Thailand's financial industry.
The organizations noted that digital currencies are widely used as a payment method, but regulators must prioritize consumer protection.
Furthermore, the regulators noted that they have examined the advantages and disadvantages of digital currencies in payment, with price volatility, cybercrime, data privacy, and money laundering standing out as major concerns.
"Regulators will consider exercising power in accordance with relevant legislative frameworks to limit the widespread adoption of digital assets as a form of payment for goods and services," according to the statement.
The rules are anticipated to concentrate on a few cryptocurrencies while also taking into account the relevance of financial innovation.
According to Thailand's SEC Secretary-General Ruenvadee Suwanmongkol, the agency has a responsibility to support the development of digital asset enterprises while also protecting consumers.
The authorities, however, did not indicate when the regulations are scheduled to be unveiled.
There are many countries looking into cryptocurrency regulation and that's what we have seen around the space.
