Thailand Doesn’t Prohibit Crypto Use for Payments but Warns of Price Fluctuation – Regulation Bitcoin News

Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation.

It is legal in Thailand to use crypto for payment of goods and services

Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week.

The Bank of Thailand, he explained, is in discussions with related agencies and stakeholders about how cryptocurrency regulation should be done. It aims to reduce consumer risk associated with cryptocurrency payments.

Director emphasized that crypto is being used to buy goods and services in Thailand by some individuals.

It’s not illegal … but [users]Must be willing to take on the risk.

The Thai central bank previously said that cryptocurrency is not legal tender in the country and using it as a medium of exchange “constitutes barter trade between the owner of the digital asset and the provider of goods and services, where the payer and the receiver mutually accept all risks involved.”

The director proceeded to say that “If other currencies are widely used, it will impact the central bank’s ability to oversee the economy.”

Chayawadee Chaianant (another senior Bank of Thailand director) explained that central banks all around the globe are concerned about crypto risking financial stability. She expressed concerns about financial stability but clarified:

The Bank of Thailand currently does not ban but is concerned about using digital assets to pay for goods or services that fluctuate in price.

The Thai central bank stated Tuesday that they discourage commercial banks from directly trading in crypto assets because of the high volatility and risks involved. Chai-anant spoke at a press conference.

We don’t want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk.

However, she noted that “If a company is a shareholder, that is another issue.” Siam Commercial Bank (SCB), Thailand’s biggest bank, last month announced it was buying a 51% stake on a cryptocurrency exchange.

The popularity of cryptocurrency as a payment method for Thai goods and services has increased. The Thai central bank published a notice in July regarding digital assets being used as payment. In October, the country’s prime minister Investors were warned against investing in crypto currencies, because they are highly volatile and highly speculation.

TABLE 1.1TAT, Thailand’s Tourism Authority (TAT), announced that they are working together with SEC and central banks to make cryptocurrency purchases in Thailand easier. “Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists,” said the TAT governor.

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