Crypto Payments Have Increased in Thailand, Central Bank Warns of Risks
According to Bank of Thailand a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment.
On Thursday The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services”.
The notice clarifies that some businesses have recently begun accepting payments for goods and services in cryptocurrencies, such as bitcoin (BTC) and ether (ETH).
The Thai central bank reminded that digital assets are not legal tender in the country and the central bank does not support their use as a means of payment for goods and services. The bank detailed that using cryptocurrencies as a means of payment leads to risks for both buyers and sellers, “such as price volatility, cyber theft, and money laundering.”
Thailand’s central bank explained:
“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 (SEC) 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.”
Previousyly, the Thai SEC banned regulated crypto exchanges from providing services related to meme cryptocurrencies, fan tokens, and non-fungible tokens (NFTs).
Along many other security regulators, the Thai SEC went after Binance. They filed a criminal complaint against Binance for illegally operating a crypto exchange business in the country.
