Thailand Limits Use of Cryptocurrencies in Payments!

The crypto industry, which has grown in popularity day by day with its enormous growth in 2021, continues to be the main agenda topic of countries.

In this context, in a statement made by the Central Bank of Thailand cryptocurrency It was stated that the use of cryptocurrencies as a means of payment should be regulated in order to reduce the risks of currency units.

Cryptocurrency Payments Are Restricted!

The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC) and the Thai Ministry of Finance (MOF) conducted a joint study on cryptocurrencies.

As a result of these studies, it was concluded that the use of cryptocurrencies in payments poses a threat to the country’s financial sector and that regulation studies should be carried out in this area.

Particular attention was paid to the issue of payments in the joint work of BOT, SEC and MOF. Regulators also noted the volatility in cryptocurrencies and the risks of being used in cybercrime and money laundering.

It was stated that it is imperative to regulate the use of cryptocurrencies in payments for goods and services in order to protect the financial stability of Thailand and to prevent the possible negative effects of cryptocurrencies on the country’s economic system.

“Recognizing the risks of digital assets, regulators will regulate in accordance with relevant legal frameworks to limit the widespread adoption of digital assets as a means of payment for goods and services.

Feedback from relevant stakeholders and the general public will be taken into account to identify appropriate regulatory frameworks in this context.”

Thailand has recently focused more and more on enacting laws for the crypto sector.

Because, recently, the country’s finance ministry announced that everyone who already trades cryptocurrencies and profits from it (regardless of trader, investor miner) will be taxed at a rate of 15%.

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