The Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC) and the Thai Ministry of Finance (MOF) have come together to review and issue guidelines on the use of digital assets as a payment tool.

In a joint press release on Tuesday, Thailand’s top regulatory bodies said that it has become necessary to review and regulate digital assets as a means of payment for goods and services. After careful consideration and assessing all the pros and cons, the joint committee said that the use of digital assets as a widespread payment tool could pose a risk to the financial-economic stability.

Sethaput Suthiwartnarueput, governor of the BOT, said:

“At present, the widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system.”

The joint regulatory committee highlighted three risks associated with the use of digital assets as a means of payment:

  1. Volatility risk: Digital asset volatility could affect merchants and users alike. The conversion fee could add an extra burden.
  2. IT risk: Consumers may face cybertheft, personal data leaks or opportunity costs in instances of system failure.
  3. Compliance and legal risk: Digital assets could pose a legal risk due to the anonymity factor.

The joint committee believes the current payment infrastructure in the country is efficient enough and that digital assets add no feasible benefits for consumers or businesses.

Thailand’s SEC conducted a public review after its discussion with the BOT and…

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