The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of digital assets. Corporate Communications Department The Bank of Thailand (BOT) said on December 7, citing risks related to price volatility.
“The Bank of Thailand is in discussion with the Securities and Exchange Commission (SEC) and related agencies. To bring out the digital asset regulatory policy that is used to pay for goods and services After the past period, commercial banks have cooperated with business operators using digital currencies or cryptocurrencies. Exchange of goods and services which tends to be more widespread May affect the stability of the financial system and the stability of the country’s payment system.
However, in the event that some commercial banks has acquired shares or has been a partner in a digital asset business company through the affiliates of the bank not considered illegal But the Bank of Thailand does not allow commercial banks to directly engage in digital asset business. because it does not affect the bank and public confidence In the past, there were business people to discuss. Some of the Bank of Thailand on details and understanding.
Mr. Sakkapop Phanyanukul, Senior Director In macroeconomic department, the BOT said that the BOT’s missions are in three dimensions: 1. Make money into money, that is, maintain the currency. want to take care of the value of money in the pocket bank deposit Which is connected with exchange rates and inflation. 2. Take care of the economic system to grow sustainably with full efficiency. take care of the financial condition see interest rates exchange rates, with the BOT taking care of when the economy slows than it should be; and 3. Supervising banks and financial institutions, where the BOT is the last source of borrowing. prevent bank crisis
“If more people come to hold digital money less control Because people use less baht, various activities have changed, causing the ability The Bank of Thailand oversees financial conditions in line with the declining economy. and overseeing the movement of funds Not to make it more difficult to fluctuate And when there is a crisis, it cannot be prevented,” said Mr. Sakkapop.
Mr. Kasidit Tansanguan, Deputy Director The Bank of Thailand’s Corporate Strategy Group said that the risks that may arise from the use of digital assets to pay for goods and services will cause risks to affect consumers Price volatility, security standards such as cyber threats, hacking, identity theft. which is at your own risk It is different from payments that have an intermediary like a bank. If the money is hacked can claim to bring money back because there is an intermediary, namely the bank, is a risk taker including being used as a money laundering tool
in early november Thailand’s oldest commercial bank (SCB) has announced it has acquired a 51% stake in the country’s largest crypto exchange Bitkub, while crypto exchange Zipmex has raised $1.3 billion from Bank of Ayudhya. which is the 5th largest bank in the country
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