Thai central bank warns against using digital assets for payments

[snoop1130]

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's central bank on Thursday warned against using digital assets such as Bitcoin and Ether as payment for goods and services given what it said were risks such as cyber theft and money laundering.

 

The Bank of Thailand (BOT) had made it clear that digital assets were not legal tender, it said in a statement.

 

 

Recently some enterprises had started soliciting payments in digital assets in exchange for goods and services, the BOT said, adding it had continuously monitored such developments.

 

In using digital assets as a means of payment, both the payer and receiver could face risks such as price volatility, cyber theft, and money laundering, it said.

 

"The BOT does not support the usage of digital assets as a means of payment for goods and services, a view that is consistent with many international organizations and regulators," it added.

 

However, should the use of digital assets for payments become widespread, the BOT said it would coordinate with the Securities and Exchange Commission and relevant agencies to take measures to ensure such actions did not pose risks to the public or the economic and financial system.

 

-- © Copyright Reuters 2021-07-08

 

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[ukrules]

If I want paying for something in bags of steaming horse manure and somebody decides to pay what I want then it's none of the BOTs business.

 

Surely they realise this already?

[phetphet]

They do love to control. 

[Nojohndoe]

2 minutes ago, ukrules said:

If I want paying for something in bags of steaming horse manure and somebody decides to pay what I want then it's none of the BOTs business.

 

Surely they realise this already?

So is it that cryptocurrency has evolved to such an inflated "value" that it supplants any "Coin of the Realm" in terms of trade thus aspects of applicable taxes?

Perhaps  "Equinocrypt" is worth registering?

[ukrules]

1 hour ago, Nojohndoe said:

So is it that cryptocurrency has evolved to such an inflated "value" that it supplants any "Coin of the Realm" in terms of trade thus aspects of applicable taxes?

Perhaps  "Equinocrypt" is worth registering?

They're fussing over nothing.

[SCOTT FITZGERSLD]

TRANSLATION: bank of thailand does not know how to think for itself and will do whatever the big boys, uncle sam and china, will do.

not that it is a thai thing. the whole world is like that. the U.S. declare was on drugs (mainly kakanabis) and the whole world follows brainlessly.

next decade, U.S. declares kakanabis as medical and legal, and the whole worrld follows.

maybe next decade the U.S. will decide that fecet is good to eat and great way to rehabilitise the xeroklarification, and the whole world will follow.

[ukrules]

1 hour ago, SCOTT FITZGERSLD said:

next decade, U.S. declares kakanabis as medical and legal, and the whole worrld follows.

Quite possible, it's only illegal in most of the world due to US pressure during the mid 20th century, they went to great lengths and spent a lot of money convincing the entire world to make it illegal - now it looks like they changed their mind, lol

 

[SnowyWiez]

Most still not practical to do for daily payments vrs lets say VISA due to time/cost of transfers. The bigger concern is probably controlling funds in and out of country

[RichardColeman]

6 hours ago, ukrules said:

If I want paying for something in bags of steaming horse manure and somebody decides to pay what I want then it's none of the BOTs business.

 

Surely they realise this already?

Forgive me , I nothing really about these cryptocurrencies , but just how would the Thai government get their pound of flesh in taxes from transactions - unless ALL crypto transactions done in Thailand are monitored for purchases, wages and payments, the tax collecting system could loses trillions of due tax and the government pots empty slowly.

 

 

[hotchilli]

12 hours ago, ukrules said:

If I want paying for something in bags of steaming horse manure and somebody decides to pay what I want then it's none of the BOTs business.

 

Surely they realise this already?

Nah..

[natway09]

Nothing special about Thailand saying this,  most officials are saying this worldwide as taxes, charges & excise the governments miss out on.

The whole bitcoin thing has got them a bit "baffled

[driver52]

they'll soon change their mind...why?

CBDCs incoming in 3...2.....1 ????

[GrandPapillon]

fair warning, remember the poor guy who paid 2 pizzas for 75 BTC some 20 years ago? I think it came to 250m USD a pizza LOL

[fdsa]

2 hours ago, GrandPapillon said:

fair warning, remember the poor guy who paid 2 pizzas for 75 BTC some 20 years ago? I think it came to 250m USD a pizza LOL

????‍♂️????‍♂️????‍♂️????‍♂️????‍♂️

[kekalot]

On 7/9/2021 at 4:54 PM, GrandPapillon said:

fair warning, remember the poor guy who paid 2 pizzas for 75 BTC some 20 years ago? I think it came to 250m USD a pizza LOL

10,000 BTC for 2 pizzas in 2010, now worth 343 millions but about double that at all time high