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Friday, May 24, 2024

BoT on the way to Stablecoins

Bank of Thailand (BoT) intends to promote the usage of Stablecoins to pay for goods and services and to contribute to the growth of financial innovation.

The BoT has prepared a regulation on the usage of digital assets, which will be soon implemented. It has also examined how other countries’ federal banks supervise digital assets.

According to the BoT’s Senior Director of Economics and Policy, Sakkapop Panyaukul, some countries prohibit the use of digital assets, others fully support it, while many others have a neutral policy. For instance, El Salvador is currently using bitcoin as a legal currency. In opposition, China prohibits crypto-currencies altogether and considers crypto-currencies and related assets to be illegal.

At just the same time, numerous central banks are taking a neutral stance. Singapore’s central bank has embraced digital tokens, which qualify as e-money under the Payment Services Act. The Malaysian central bank says that crypto-currencies are not a payment method.

The BoT also uses a neutral policy on the use of digital assets, but also does not support digital assets as a payment instrument, but supports cases that help develop finance and innovation, Sakkapop said.

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