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  4. The Bank of Thailand to introduce stablecoin regulation.

The Bank of Thailand to introduce stablecoin regulation.

charlielee
2022-10-27 07:10:26

An assistant governor of Thailand has announced that The Bank of Thailand (BOT) will regulate foreign currency-backed stablecoins, asset-backed stablecoins, and algorithmic stablecoins that are not illegal.

The rules will not cover those without asset backing, such as Bitcoin or Ethereum and investors will have to take their own risks.

The move came after the BOT warned against a new baht-denominated stablecoin, THT, which it said could expose users to cyber thief and money laundering.

It is currently in the process of developing a retail central bank digital currency.

Post Reply  
dianasmith
2022-10-27 07:11:15
Thailand does not seem to want to lose the momentum where digitalization must also be at the forefront of Southeast Asia.
It is a good thing for the country to introduce a stable coin from the Thai baht because all countries must have stable coins in order to trade crypotency.
If everything is achieved, it is certain that Thailand will be very open to cryptocurrency.