The Bank of Thailand does not Support the Use of Digital Assets to Pay for Goods and Services

The Bank of Thailand (BOT) revealed that the BOT has continuously monitored the use of digital assets in various forms. both for investment and the development of innovative financial services Including the use of digital assets as a medium for payment of goods and services that are expected to increase.

In the past, the BOT has periodically notified and reiterated that the BOT does not support the use of digital assets to pay for goods and services. Due to the high volatility of digital asset prices There is also a risk of cyber theft. Risk of personal data leakage or being used as a tool of money laundering that will affect the store business operator Including the people who use the service to be damaged in the next phase if digital assets are widely used for payment of goods and services The above risks may affect the stability of the payment system. stability of the country’s financial system and damage to the general public This is a view that is in line with regulators in countries such as the UK, EU, South Korea and Malaysia, with some countries restricting the use of digital assets primarily in the sphere for investment purposes, such as Indonesia and Vietnam, while others are pending. consider proper supervision.

Currently, the Bank of Thailand, in collaboration with the Securities and Exchange Commission (SEC) and related agencies, is considering a regulatory model for the service of payment of goods and services with digital assets. to limit the above risks It will also focus on using technology to develop financial innovations. to increase efficiency and safety

Currently, the Bank of Thailand, in collaboration with the Securities and Exchange Commission (SEC) and related agencies, is considering a regulatory model for the service of payment of goods and services with digital assets to limit the above risks It will also focus on using technology to develop financial innovations to increase the efficiency and security of the payment system including maintaining the stability of the overall economic and financial system.