Thai Central Bank warns against use of cryptocurrencies in transactions

[webfact]

 

Volatility and security risks mean that Thailand’s Central Bank remains unconvinced about the use of digital assets to purchase goods and services, as many shops have started allowing payment using cryptocurrencies.

 

The Bank of Thailand’s Assistant Governor for Payment Systems Policy and Financial Technology, Siritida Panomwon Na Ayudhya, revealed that the central bank does not support the use of digital currencies for making payments, due to their high price volatility and the risks of cyber-theft, personal data leakage and money laundering, to which both customers and the businesses become vulnerable.

 

She also believes that such risks could affect payment system and financial stability, as well as consumer protection, if digital assets become widely used for payment. Regulators in some countries, such as the United Kingdom, the European Union, South Korea and Malaysia, have recently restricted the use of digital assets, primarily to investment, while many other countries are considering appropriate oversight of such activities.

 

Full story: https://www.thaipbsworld.com/thai-central-bank-warns-against-use-of-cryptocurrencies-in-transactions/

 

-- © Copyright  ASEAN NOW 2021-12-02

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

 

Get your business in front of millions of customers who read ASEAN NOW with an interest in Thailand every month - email [email protected] for more information

[Pravda]

Wondering if Sansiri and TAT got the memo as they are targeting crypto zillionaires

[Sharp]

"Regulators in some countries, such as the United Kingdom, the European Union, South Korea and Malaysia, have recently restricted the use of digital assets, primarily to investment" 

 

Whilst other countries have got their <deleted> together and will embrace it for the longer term!!! 

[ukrules]

Thailand chooses to remain a 'developing country'.

[CartagenaWarlock]

Is mining crypto currency legal in Thailand? It seems so. I do mine cryptos using ASIC miners and solar power in Las Vegas. I can invest up to 3 mil to set up a 10 unit mining farm in Thailand. 

[mvdf]

Warning ignored. Thank you very much. Hoarded my bitcoins since 2012 and will continue keeping and using them. 

[hotchilli]

18 hours ago, webfact said:

The Bank of Thailand’s Assistant Governor for Payment Systems Policy and Financial Technology, Siritida Panomwon Na Ayudhya, revealed that the central bank does not support the use of digital currencies for making payments, due to their high price volatility and the risks of cyber-theft, personal data leakage and money laundering, to which both customers and the businesses become vulnerable.

Or just scared of competition.. 

[hotchilli]

14 hours ago, ukrules said:

Thailand chooses to remain a 'developing country'.

A monopoly... banks don't like competition

[Heng]

And then they woke up when they realised they can't enforce it.   

[ddotmark]

I am curious. If you buy a home or condo in Thailand using crypto currency and later try to sell the property…how do you prove that the original purchase was with funds transferred from abroad?

 

My understanding is that you have to show you purchased property with funds from abroad.

 

Is my understanding incorrect?

[Dazinoz]

7 minutes ago, ddotmark said:

I am curious. If you buy a home or condo in Thailand using crypto currency and later try to sell the property…how do you prove that the original purchase was with funds transferred from abroad?

 

My understanding is that you have to show you purchased property with funds from abroad.

 

Is my understanding incorrect?

As far as I know you are correct. I definitely would not be buying a condo with crypto in Thailand. 

 

Even if you cashed your crypto and used the cash to buy you would still have to prove where the money came from. Your overseas exchange, assuming you bought on overseas exchange, would have records of the purchase but, again, you are dealing with Thai beaurocracy. No thanks.

[ukrules]

7 hours ago, hotchilli said:

A monopoly... banks don't like competition

Notably SCB has gone all in and against the grain by purchasing majority control of a prominent crypto exchange.

 

Now I'm sure the financial wizards over at SCB know what they're doing and have a plan....

 

[GreasyFingers]

1 hour ago, ukrules said:

Now I'm sure the financial wizards over at SCB know what they're doing and have a plan....

You have such faith in a Thai Bank. Good for you.

[Heng]

Every old hand here knows that in that case it's not so much the 'wizards at SCB' that is a plus for crypto in Thailand, but the particular stakeholders of SCB.   Not that it really matters for holders of crypto (since crypto is everywhere and nowhere), but it's certainly a plus for the future of crypto IN Thailand that that particular bank is involved.   

[Jenkins9039]

On 12/2/2021 at 5:39 PM, ukrules said:

Thailand chooses to remain a 'developing country'.

Makes you chuckle, hundreds, thousands of these coins exist primarily as a means of payment for the utility they offer

[Jenkins9039]

On 12/3/2021 at 11:03 AM, Dazinoz said:

As far as I know you are correct. I definitely would not be buying a condo with crypto in Thailand. 

 

Even if you cashed your crypto and used the cash to buy you would still have to prove where the money came from. Your overseas exchange, assuming you bought on overseas exchange, would have records of the purchase but, again, you are dealing with Thai beaurocracy. No thanks.

You can move funds (condo) out of Thailand with ease without showing proof, in my bank apps 1m+ a day can be transferred overseas without 'issues'.

 

You are referring to laws that seemingly are no longer followed, when i first moved here, you'd have to pay a merchant (in Bangkok) 7% to get your funds out lol