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27-01-2022|Crypto

Thailand has announced that cryptocurrency will be regulated as a payment method.

To "avoid negative consequences on the country's financial stability and economic system," Thailand has stated that bitcoin will be regulated as a means of payment for goods and services.

The announcement was issue by the Thai Securities and Exchange Commission, the Bank of Thailand, and the Ministry of Finance.

The Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) unveiled a plan to regulate cryptocurrency as a payment method on Tuesday.

After weighing the benefits and hazards of crypto assets, the three regulators concluded that "it is important to regulate the use of digital assets as a method of payment for goods and services, in order to avoid negative consequences on the country's financial stability and economic system."

The regulators conceded that crypto business operators have been delivering services connected to the use of cryptocurrencies as a form of payment, including the establishment of crypto settlement systems.

This could lead to a larger use of digital assets as a form of payment, in addition to their use as an investment, posing a risk to financial stability and the overall economy.

Following that, the authorities listed other crypto-related hazards to consumers and businesses, including "price volatility, cybertheft, personal data leakage, or money laundering, among other things."

The announcement continued, "Regulators will explore utilising power in accordance with relevant statutory frameworks to prohibit the broad use of digital assets as a form of payment for goods and services."

The SEC, which supervises crypto enterprises, has a policy to foster the development of digital asset businesses while also protecting consumers, according to SEC Secretary-General Ruenvadee Suwanmongkol.

Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, stated:

The growing use of digital assets as a form of payment for goods and services currently poses a threat to the country's economic and financial structure. As a result, strict supervision of such activities is required.

"Technologies and digital assets that do not pose such hazards, on the other hand, should be promoted with proper legal frameworks to drive innovation and advance public benefit," he concluded.

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