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Home Regulation

Cryptocurrencies and other digital assets will be banned as payment in Thailand starting in April

Tech Gist Africa by Tech Gist Africa
03/24/2022
in Regulation, World News
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Thailand has announced guidelines banning the use of digital assets to pay for goods and services beginning April 1, according to the market regulator.

The move follows earlier conversations between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) about the need to regulate such behavior by digital asset business operators since it could threaten the country’s financial stability and overall economy, according to the SEC.

The BOT has stated numerous times that it does not accept cryptocurrency as a form of payment. Later on Wednesday, it will offer a briefing on regulatory requirements for banks’ digital asset activity.

It stated that operators of digital asset businesses who provide such services must comply with the new guidelines within 30 days of the effective date.

 

Read more on Tech Gist Africa:

U.S. President Joe Biden orders government to study digital dollar and other cryptocurrency risks

Nigeria launches eNaira, Africa’s first digital currency, after postponing the initial October 1 debut date

El Salvador has announced plans to build the world’s first Bitcoin City

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