Bank of Thailand reiterates anti-crypto stance, warns against their use for payments
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Bank of Thailand reiterates anti-crypto stance, warns against their use for payments

Saudu Clement
Saudu Clement

In a statement released on Thursday, an official of Thailand’s Central Bank insinuated that firms who insist on using digital assets such as Bitcoin (BTC) and Ether (ETH) are treading on thin ice.

Ms. Siritida Panomwon Na Ayudhya, who is the Assistant Governor of the bank’s Payment Systems Policy and Financial Technology Group, noted that the Bank of Thailand would continue to monitor the development of digital assets while stressing that crypto is not a legal tender in Thailand. She said:

Should the use of digital assets as a means of payment for goods and services become widespread, the BOT will coordinate with the Securities and Exchange Commission and other related agencies to take the necessary measures to ensure that they do not pose extensive risks to the general public or the economic and financial system.

Recall that the country’s regulators filed a criminal complaint against crypto exchange Binance last week for operating an illegal digital asset business.

In the press release, Ms. Ayudhya listed cyber theft, money laundering, and price volatility as the main risks crypto-related transactions encounter.

Meanwhile, the bank revealed that it was still in the process of developing a central bank digital currency (CBDC), as well as establishing guidelines for fiat-backed stablecoins in the country.

A proposed roadmap for the CBDC released in April said preliminary testing protocols were scheduled to begin in the second quarter of 2022.