Thailand sees increasing acceptance of cryptocurrencies as a means of payment – warns of risks – regulation Bitcoin News

According to the Bank of Thailand, more and more companies are demanding payments in cryptocurrencies such as Bitcoin and Ether. The central bank reiterates its stance on crypto and warns of the risks of using it as a means of payment.

  • The Bank of Thailand (BOT), the country’s central bank, issued a warning on Thursday entitled “Beware of using digital assets as a means of payment for goods and services.”
  • The press release states that some companies have recently started requesting payments for goods and services in cryptocurrencies, citing Bitcoin (BTC) and Ether (ETH) as examples.
  • The Thai central bank reiterated its stance that digital assets are not legal tender and do not support their use as a means of payment for goods and services. The bank stated that using cryptocurrencies as a means of payment creates risks such as price volatility, cyber theft and money laundering for both buyers and sellers.

  • Thailand’s central bank made it clear:

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 authorities to take the necessary steps to ensure they are not exposed to extensive risks for the general public or the economic and financial system.

  • The Thai SEC recently banned regulated crypto exchanges from offering services related to meme cryptocurrencies, fan tokens, and non-fungible tokens (NFTs).
  • The security regulator also filed a criminal complaint against Binance for illegally operating a crypto exchange business in the country.

What do you think of Thailand’s crypto warning? Let us know in the comment section below.

Tags in this story

bank of thailand, central bank, crypto payments, cash, SEC, thai, thai crypto, thailand, thailand crypto, thailand crypto acceptance, thai cryptocurrency, thailand warning

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