Thailand is planning to treat cryptocurrencies on a regulatory level as a means of payment for goods and services, the Bank of Thailand (BOT) said in a joint press release with the Ministry of Finance, and the Securities and Exchange Commission (SEC). The financial regulator said the rapid growth of cryptocurrencies can potentially impact financial stability and the overall economic system.
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"The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leakage, or money laundering, etc," the BOT said.
The BOT added that regulators will consider whether they should exercise power in accordance with the relevant legal frameworks to limit the widespread adoption of cryptocurrencies as a means of payment or not. BOT Head, Sethaput Suthiwartnarueput, said the central bank understands both the risks and benefits of cryptocurrencies, however, right now the rapid growth of widespread adoption "poses risk to the country's economic and financial system."
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