Bank of Thailand Warns Against Using Digital Assets as Payment for Goods and Services

2021-7-9 17:17

The central bank of Thailand is now warning against using crypto assets as payment for goods and services due to the risks of volatility, cyber theft, and money laundering.

The Bank of Thailand (BoT) said it had made it clear that digital assets were not legal tender, it said in a statement on Thursday.

It further noted that recently some enterprises had been soliciting payments in digital assets for goods and services, adding the BOT has continuously monitored such developments.

“The BOT does not support the usage of digital assets as a means of payment for goods and services, a view that is consistent with many international organizations and regulators.”

However, if the use of digital assets for payments become widespread, the BoT said it would coordinate with the Securities and Exchange Commission (SEC) and other related agencies to take the necessary measures to ensure that they don’t pose extensive risks to the general public or the economic and financial system.

It then says that the Bank of Thailand recognizes the importance of financial innovation and applications towards enhancing the efficiency of payment systems to support economic activities.

Meanwhile, it is developing a central bank digital currency (CBDC) and focused on forming policy guidelines to regulate fiat-backed or other forms of stablecoins for more reliable digital payment channels.

The BoT also said it is open to feedback from relevant stakeholders and the general public on the matter.

Last week, Thailand's financial watchdog also filed a criminal complaint against crypto exchange Binance for operating a digital assets business without a license, which it said is the start of a criminal procedure.

In the country, only licensed firms are allowed to provide services related to digital asset trading, said Thailand's Securities and Exchange Commission (SEC) in a statement adding, the offense carries a penalty of two to five years imprisonment and a fine of 200,000-500,000 baht ($6,200-15,500).

The post Bank of Thailand Warns Against Using Digital Assets as Payment for Goods and Services first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

digital payment thailand bank goods services warns

Источник: bitcoinexchangeguide.com

digital payment → Результатов: 126


Фото:

ECB Wants Active Role in Crypto, Will Not Deter Private Solutions

The European Central Bank (ECB) wants to play an active role in the field of digital currency, said President Christine Lagarde. As the bank works on its own digital currency and an instant payment system, Lagarde emphasizes that “central bank initiatives should neither discourage nor crowd out private market-led solutions for fast and efficient retail […] The post ECB Wants Active Role in Crypto, Will Not Deter Private Solutions appeared first on Bitcoin News.

2020-1-9 16:02


Why China sees blockchain as a strategic pillar for the next decade of growth

Matthew Graham is the CEO of Sino Global Capital, a team of Beijing-based investment bankers. China sees blockchain as a key strategic technology pillar critical to the next decade of growth. As it prepares to deploy a state-issued digital currency or DCEP (Digital Currency / Electronic Payment) China has a unique opportunity to take control of its monetary system.

2020-1-8 22:55


2 Reasons Why Burger King Starts Accepting Cryptocurrencies in Venezuela

While Venezuela’s government remains committed to its Petro digital currency project, a leading fast-food restaurant in the country has announced to now start accepting cryptocurrency payments. In a recent twitter announcement, Burger King Venezuela has partnered with Cryptobuyer – payment platform – to enable customers to pay using Ethereum, Litecoin, Dash, BNB, Tether, and Bitcoin. […]

2020-1-6 21:50


Фото:

Germany: Central Bank Urges Europe To Strengthen Banking System Over CBDC Route

Jan Weidmann, the President of the Bundesbank, holds some very unique thoughts on the topic of money, digitization, and the network effect of payment services. Speaking with Handelsblatt, he offers his perspective on opposing Libra, which is centered around a market-oriented approach rather than endorsing the launch of a state-backed competitor such as a digital euro, JanuaryRead MoreRead More.

2020-1-4 02:00


Electra opens pilot testing for new crypto payment system

Electra (ECA), an open-source Proof of Stake (PoS) blockchain project focused on digital payments, announced today it is now seeking merchants to beta test its flagship product, ElectraPay. ElectraPay is a complete financial management system, that will allow merchants to easily adopt an alternative payment method that is not dependent upon payment service providers, banks, […] CryptoNinjas: Electra opens pilot testing for new crypto payment system

2019-12-30 17:25


Фото:

Klarna and Sofort Becoming Names to Know in Cryptocurrency Circles

The primary aim of Bitcoin when it was first created was to replace all fiat currencies with the peer-to-peer payment system supported by its blockchain. Since the release of the original cryptocurrency, the original use of the digital coins has become somewhat muddled amidst the interest in the ocean of cryptocurrencies as investment opportunities.

2019-12-10 19:06


Фото:

MOBI to Develop Mobility Payments Network for Machine-to-Machine Transactions Based on Blockchain 

MOBI, the Mobility Open Blockchain Initiative, is exploring blockchain for use in a new digital mobility ecosystem that could make transportation safer, more affordable, and more widely accessible. According to reports from Bloomberg on December 8, the non-profit organization is developing a blockchain-based payment network that allows for machine-to-machine transactions.

2019-12-9 17:00


Bank of International Settlements General Manager Now Says CBDCs Could Open New Opportunity

Agustin Carstens, the General Manager of Bank of International Settlement (BIS) who earlier believed Central Bank issued Digital currencies (CBDCs) were no good, has changed his stance. In his recent speech titled “The future of money and the payment system: what role for central banks?” Carstens seemed to emphasize that CBDC's could open the gates […]

2019-12-8 23:25


StyloPay integrates Tribe’s crypto wallet for its cloud payments platform

StyloPay, specialists in payment solutions and mobile applications, announced today it has selected Tribe Payments’ digital wallet technology for integration on its platform. Tribe’s digital wallet technology will form part of StyloPay’s cloud-based payments-as-a-service offering that enables banks and card issuers to scale card programs and mobile wallets globally.

2019-11-21 21:48


BitMart announces partnership with FESSChain, expanding business in emerging markets

BitMart, a premier global digital asset trading platform, recently announced their partnership with FESSChain. By integrating a decentralised payment settlement system in India, BitMart aims to expandThe post BitMart announces partnership with FESSChain, expanding business in emerging markets appeared first on AMBCrypto.

2019-11-8 12:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.