What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Regulators»Using cryptocurrencies to pay for goods and services is not illegal in Thailand
    8b6816568a2f1374206508ea01aa49d3b42d4f66
    Regulators

    Using cryptocurrencies to pay for goods and services is not illegal in Thailand

    AdministratorBy Administrator12.12.2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Sakkapop Panyanukul, senior director of the Bank of Thailand (BOT) Monetary Policy Department, clarified the central bank’s position on cryptocurrencies this week.

    He explained that the Bank of Thailand is currently discussing ways to regulate cryptocurrencies with the Thai Securities and Exchange Commission (SEC), relevant agencies and stakeholders. The bank seeks to limit consumer risks associated with the use of cryptocurrency for payments.

    Noting that some people are already using cryptocurrency to pay for goods and services in Thailand, the director emphasized:

    “It’s not illegal … but users need to be able to accept the risks.”

    The central bank of Thailand has previously stated that cryptocurrency is not legal tender in the country, and its use as an alternative for exchange is a barter trade between the owner of the digital asset and the provider of goods and services, where the payer and recipient mutually accept all risks.

    The director went on to say that if other digital currencies are widely used, it will affect the central bank’s ability to oversee the economy.

    Another senior director of the Bank of Thailand, Chayawadi Chai-anant, explained that many central banks around the world share the same concern that cryptocurrencies are at risk of financial stability. Expressing concerns about financial stability, she explained:

    “Currently, the Bank of Thailand does not prohibit, but worries about the use of cryptocurrencies to pay for goods and services due to fluctuations in their prices.”

    Meanwhile, Thailand’s central bank said on Tuesday that it does not recommend commercial banks to directly engage in cryptoasset trading due to the risks associated with high price volatility. Chai Anant said at a press conference:

    “We do not want banks to be directly involved in digital asset trading, because they are responsible for the deposits of customers and the public, and this is fraught with risk.”

    However, she noted: “If the company is a shareholder, that’s a different matter.” Siam Commercial Bank (SCB), one of Thailand’s largest banks, announced last month that it has acquired 51% of the cryptocurrency exchange.

    Cryptocurrency is gaining popularity as a way to pay for goods and services in Thailand. In July, the Central Bank of Thailand issued a warning about the use of digital assets as legal tender. In October, the country’s prime minister warned investors against investing in digital assets, saying they were volatile and highly speculative.

    In November, the Tourism Authority of Thailand (TAT) announced that it is partnering with the Securities Exchange Commission and the central bank to make it easier and more convenient for visitors to spend virtual money in the country.

    “Cryptocurrencies are the future, so we must make Thailand a crypto-positive society,” said the TAT governor.




    #cryptocurrencies #pay #goods #services #illegal #Thailand

    cryptocurrencies goods illegal pay services Thailand
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    The UK should make an effort to become the center of cryptocurrencies

    26.01.2023

    Elizabeth Warren: “The crypto industry is afraid of the SEC”

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.