The Bank of Thailand (BoT) is planning to promote the use of Stablecoins to pay for goods and services and to help develop financial innovation.
The central bank has been drafting regulations on the use of digital assets, which will be implemented soon. The bank has also been studying how federal banks in other countries supervise digital assets.
According to the BoT’s senior director of the economic and policy department, Sakkapop Panyaukul, some countries ban the use of digital assets, some wholly support them, while many others use a neutral policy.
For example, El Salvador has been using Bitcoin as its legal tender.
On the other hand, China bans cryptocurrencies entirely and lists cryptocurrencies and related assets as illegal.
Meanwhile, many central banks take a neutral stance. Singapore’s central bank adopted digital tokens, which qualify as e-money under the Payment Service Act. Malaysia’s central bank says cryptocurrencies are not a payment instrument.
Mr. Sakkapop said the BoT also uses a neutral policy on the use of digital assets but also does not support digital assets as an instrument of payment, but supports cases that help develop finance and innovation.(NNT)