{"id":1422,"date":"2022-01-26T15:25:38","date_gmt":"2022-01-26T15:25:38","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=1422"},"modified":"2022-01-26T15:25:39","modified_gmt":"2022-01-26T15:25:39","slug":"thailand-announces-cryptocurrency-will-be-regulated-as-means-of-payment","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1422","title":{"rendered":"Thailand Announces Cryptocurrency Will Be Regulated as Means of Payment"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Thailand has announced that cryptocurrency will be regulated as a means of payment for goods and services \u201cto avert potential impacts on the country\u2019s financial stability and economic system.\u201d The announcement was issued by the Bank of Thailand, the Thai Securities and Exchange Commission, and the Ministry of Finance.<br \/><\/strong><\/p>\n<h2>Cryptocurrency Will Be a Means of Payment in Thailand<\/h2>\n<p>The Bank of Thailand (BOT), the Thai Securities and Exchange Commission (SEC), and the country\u2019s Ministry of Finance (MOF) jointly announced Tuesday their plan to regulate cryptocurrency as a means of payment.<\/p>\n<p>The three regulators explained that after reviewing the benefits and risks of crypto assets, they \u201cdeem it necessary to regulate the usage of digital assets as a means of payment for goods and services, to avert potential impacts on the country\u2019s financial stability and economic system.\u201d<\/p>\n<p>Citing that crypto business operators have been offering services related to the use of cryptocurrencies as a means of payment, including setting up crypto settlement systems, the regulators conceded:<\/p>\n<p>This may result in a wider adoption of digital assets as a means of payment, aside from its usage as investment, which could potentially impact financial stability and the overall economic system.<\/p>\n<p>The authorities then outlined various crypto-related risks to consumers and businesses, such as \u201cprice volatility, cybertheft, personal data leakage, or money laundering, etc.\u201d<\/p>\n<p>The announcement further details: \u201cRegulators will consider exercising power in accordance with the relevant legal frameworks to limit the widespread adoption of digital assets as a means of payment for goods and services.\u201d<\/p>\n<p>SEC Secretary-General Ruenvadee Suwanmongkol clarified that the SEC, which regulates crypto businesses, has a policy to promote the development of digital asset businesses alongside consumer protection.<\/p>\n<p>Bank of Thailand Governor Sethaput Suthiwartnarueput opined:<\/p>\n<p>At present, widespread adoption of digital assets as a means of payment for goods and services poses risk to the country\u2019s economic and financial system. Therefore, clear supervision of such activity is needed.<\/p>\n<p>\u201cHowever, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public,\u201d he concluded.<\/p>\n<p><em><strong>What do you think about Thailand regulating cryptocurrency as a means of payment? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/thailand-cryptocurrency-regulated-as-means-of-payment\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thailand has announced that cryptocurrency will be regulated as a means of payment for goods and services \u201cto avert potential impacts on the country\u2019s financial stability and economic system.\u201d The announcement was issued by the Bank of Thailand, the Thai Securities and Exchange Commission, and the Ministry of Finance. Cryptocurrency Will Be a Means of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1422"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1422\/revisions"}],"predecessor-version":[{"id":1424,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1422\/revisions\/1424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1423"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}