Thailand bans crypto as means of payment
According to the notice issued by Thailand's SEC, businesses in the region have been advised to stop accepting crypto payments from April 2022 after discussing the implications with the Bank of Thailand (BOT). Once the law takes effect, businesses in Thailand will be prohibited from advertising the acceptance of crypto payments and from setting up systems, tools, and wallets that facilitate crypto transactions.A Bank of Thailand study highlighted several risks to crypto payments, including loss of value due to price fluctuations, cyber theft, money laundering, and disclosure of personal information. Companies that do not comply with the new crypto laws will face legal action, including temporary suspension or cancelation of services.
The country plans to launch a CDBC
Thailand is also working on a central bank digital currency (CBDC). The country plans to test its retail CBDC as an alternative payment option for the public later this year. The Inthanon project has also been testing a wholesale CBDC since 2018. The project is currently in the III phase and is exploring the use of the digital Thai Baht in cross-border payments.Although cryptocurrencies are banned as a means of payment, which could be related to the fact that the country wants to establish a CBDC, Thai citizens are still allowed to invest in cryptocurrencies. In the first week of March, the Thai Ministry of Finance even relaxed tax regulations on cryptocurrencies to encourage investment in digital assets.
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