Home Crypto Bank of Thailand Warns Against the Use of Digital Currencies Payments

Bank of Thailand Warns Against the Use of Digital Currencies Payments

The Bank of Thailand (BOT) warned in opposition to utilizing digital currencies in serving as funds for items and companies in the nation.

Per a press release shared by the apex monetary establishment Thursday, Ms Siritida Panomwon Na Ayudhya, Assistant Governor of Payment Systems Policy and Financial Technology Group, mentioned the financial institution has been monitoring the rising embrace of nascent property like Bitcoin (BTC), Ethereum (ETH) for e-commerce, a growth the financial institution frowns at.

Siritida reiterated that digital currencies will not be authorized tender in Thailand. Their use can predispose the receiver of the cryptocurrencies to sure dangers, starting from value volatility to cyber theft and cash laundering, amongst others. 

“Some digital property are funding devices, of which buyers should perceive the dangers of holding. The BOT doesn’t help the utilization of digital property as a way of fee for items and companies, a view that’s in keeping with many worldwide organizations and regulators akin to the International Monetary Fund (IMF),” the BOT press launch reads.

The BOT additionally highlighted that it’s set to take measures along with the Securities and Exchange Commission (SEC) to make sure that cryptocurrencies don’t pose dangers to shoppers, companies, and the complete monetary ecosystem. One of the methods the financial institution hopes to realize that is by intensifying its Central Bank Digital Currency (CBDC) pursuit and making allowance for the use of revolutionary and controlled stablecoins.

Besides Thailand, China can also be identified to maintain a rigorous stance on digital currencies. While different nations preserve a verbal warning in opposition to crypto, Chinese authorities are at present imposing an encompassing ban on Bitcoin and altcoin mining, in addition to different buying and selling actions.  

The wrestle of digital currencies amongst regulators continues to be commonplace these days. However, with the embrace of institutional and retail buyers, many business veterans imagine the time of crypto has come.

Image supply: Shutterstock

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