Business

Thailand Bans Use of Digital Assets as Payments Starting April


The Bank of Thailand has repeatedly said that it does not support cryptocurrencies as payments.

Bangkok: Thailand has issued regulations to ban digital assets from being used to pay for goods and services starting April 1, market regulators said on Wednesday.

The move is in line with initial discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on the need to regulate such activities by digital asset business operators as it could impact the country’s financial stability and overall economy, the SEC said in a statement.

Digital asset business operators providing such services must comply with the new rules within 30 days from the effective date, he said.

BOT has said repeatedly that it does not support cryptocurrencies as payments. It will hold a briefing on regulatory guidelines for the bank’s digital asset business on Wednesday.

In January, regulators in Indonesia also warned financial firms not to offer and facilitate the sale of cryptocurrencies, amid a boom in its use.

Agrasmartcity

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