Jump to content

Thai Central Bank warns against use of cryptocurrencies in transactions


webfact
 Share

Recommended Posts

"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!!! 

  • Like 1
Link to post
Share on other sites

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.. 

Link to post
Share on other sites

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?

Link to post
Share on other sites

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.

Link to post
Share on other sites

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....

 

  • Like 1
Link to post
Share on other sites

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.   

  • Like 1
Link to post
Share on other sites

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

Link to post
Share on other sites

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

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...