{"id":15232,"date":"2021-12-16T14:24:03","date_gmt":"2021-12-16T13:24:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=15232"},"modified":"2021-12-16T14:24:13","modified_gmt":"2021-12-16T13:24:13","slug":"cryptocurrencies-cannot-become-a-means-of-payment-bank-of-thailands-governor","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cryptocurrencies-cannot-become-a-means-of-payment-bank-of-thailands-governor\/","title":{"rendered":"Cryptocurrencies cannot become a means of payment – Bank of Thailand’s Governor"},"content":{"rendered":"\n
In order to reduce risks and safeguard investors, the government of Thailand <\/a>is working on a new legal framework that will set to identify “red lines” for cryptocurrencies such as Bitcoin (BTC) and the crypto industry at large.<\/h5>\n\n\n\n
\"Cryptocurrencies<\/figure><\/div>\n\n\n\n

In a Dec. 14 interview with The Bangkok Post, Governor Sethaput Suthiwartnarueput stated the Bank of Thailand (BoT) \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>will produce a consultation document in January that will identify “red lines” for the crypto industry.<\/p>\n\n\n\n

“We want to make sure we strike the correct balance between encouraging financial innovation and risk management,” the person explained. Because “risks are now under-appreciated,” the new rules will provide enough safeguards for customers, according to Sethaput.<\/p><\/blockquote>\n\n\n\n

Crypto and digital currencies as payment methods<\/h2>\n\n\n\n

The central bank is working with the Thai Securities and Exchange Commission<\/a> and the finance ministry to highlight cryptocurrency-related regulations. “Cryptocurrencies cannot become a payment method,” for example, according to Sethaput.<\/p>\n\n\n\n

Despite the fact that municipal governments may recognize digital assets as an investment product, the governor stressed that their severe volatility posed a threat to the financial system. He also stated that authorities will work together to develop suitable safeguards for future financial securities.<\/p>\n\n\n\n

Thailand's efforts to pass new cryptocurrency regulations coincide with the country's rapid embrace of digital currency<\/a>. According to the research, in November 2021, turnover at seven domestically licensed crypto exchanges increased to 221 billion baht ($6.6 billion), up from 18 billion baht ($538 million) a year earlier.<\/p>\n\n\n\n

The Thai central bank issued a warning to commercial banks in early December, advising them to avoid “direct involvement” in cryptocurrency trading due to the high volatility and potential hazards.<\/p>\n","protected":false},"excerpt":{"rendered":"

In order to reduce risks and safeguard investors, the government of Thailand is working on a new legal framework that will set to identify “red lines” for cryptocurrencies such as Bitcoin (BTC) and the crypto industry at large. In a Dec. 14 interview with The Bangkok Post, Governor Sethaput Suthiwartnarueput stated the Bank of Thailand […]<\/p>\n","protected":false},"author":12,"featured_media":8282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[6021,5894,5860,5492,5910],"class_list":["post-15232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-bank-of-thailand-2","tag-bot","tag-cryptocurrencies-2","tag-digital-currency-2","tag-payments-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Safeguards-for-a-future-retail-CBDC-outlined-by-Thailands-central-bank-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=15232"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8282"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=15232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=15232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=15232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}