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Bank Of Thailand Voices Concerns Over Crypto’s Use For Payments

Thailand
Thailand

Bank of Thailand (BoT) officials have stated that it’s not illegal to use cryptocurrency as means of payment but warned that users should be prepared to face a lot of price fluctuations.

According to the officials, users “must be able to accept the risks” involved in using crypto assets.

This week, the senior director at the Monetary Policy Department at the Bank of Thailand Sakkapop Panyanukul, clarified the bank’s stance on cryptocurrencies.

BOT Is Planning To Regulate Cryptocurrencies

He noted that the BoT is in discussion with the Securities and Exchange Commission (SEC) on the regulation of cryptocurrencies. He also said the bank has engaged stakeholders and other agencies on the issue and is hoping to come up with better solutions.

One of the aims of the bank is to reduce the level of consumer risks associated with the use of crypto-assets for payments. Sakkapop noted that some people in Thailand are already using cryptocurrencies to pay for goods and services, and it’s in the interest of the bank to protect these users.

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BOT Warns Users Of The Volatile Nature Of Cryptocurrencies

The Thai central bank has always maintained that cryptocurrency is not a legal tender in the country. However, the bank also noted that its use for payment is strictly based on the agreement between the buyer and the seller, as well as any other party involved in the exchange, where they accept the risks involved.

The director gave reasons why the country will not officially accept such digital assets s a legal tender. According to him, if crypto-assets are widely used, it will affect the ability of the central bank to oversee the economy. He voiced concerns regarding the risk of financial stability which may be caused by the use of cryptocurrencies.

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