Thailand's central bank, the Bank of Thailand (BOT), plans to present a regulations guide on stablecoins this year, Reuters has learned, citing an assistant governor.
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According to Siritida Panomwon Na Ayudhya, the watchdog wants to regulate foreign currency(and other assets)-backed stablecoins "that are not illegal," which means cryptocurrencies like bitcoin (EXANTE: Bitcoin) or ether (ETH) do not fall under the upcoming regulations.
"The central bank is receiving opinions from market regulators and participants before announcing regulations," she said.
The BOT's move to regulate stablecoins comes after it issued a warning against the Thai Baht Digital (THT), a stablecoin issued by Terra that is pegged to the Thai bath, the country's official currency.
The regulator says the Thai Baht Digital stablecoin has no guarantees or legal protection and that users could be at risk of cyber theft or becoming victims of money laundering.
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