Thailand plans to regulate, limit cryptocurrency payment for goods, services

[webfact]

According to tax officials, those who engage in coin mining also will be subject to taxation on the sale of coins. (Photo by Quantitatives.io)

 

The Finance Ministry, Bank of Thailand and Securities and Exchange Commission (SEC) have agreed to a plan to regulate and limit the use of cryptocurrencies as a means of paying for goods and services, to prevent such transactions from affecting Thailand’s financial stability and economic system, pending public hearings on the matter.

 

The planned regulation and limitation is just one of the measures being considered by the three state agencies aimed at curbing the booming digital asset business in Thailand, which is quickly expanding in line with global trend of paperless and seamless financial transactions.

 

According to the three state agencies, digital asset operators have expanded the scope of business by advertising and offering payment services through the use of cryptocurrencies, which may lead to wider use of such digital assets as legal tender for payment of goods and services.

 

Full story: https://www.thaipbsworld.com/thailand-plans-to-regulate-limit-cryptocurrency-payment-for-goods-services/

 

-- © Copyright Thai PBS 2022-01-27

 

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[RandiRona]

Just yesterday there was a news about making Thailand like Ecuador for cryptocurrency,  today U turn?? There was also a news about Fake news...seems like a good progress ..haha

[GeorgeCross]

fan bois along in 3-2-1 to tell us this is completely normal and many other countries have done this..

[nausea]

I get the impression that few people really understand the crypto space, not least me, or, I suspect, the fan boys. I did get an inkling of it's complexity after watching a YouTube video by Dan Olsen - "Line Goes Up - The Problem with NFTs", which, despite its title, gives a wide ranging review of the whole crypto arena. I warn you though, at over 2 hours long, it's not for the faint hearted.

[ChrisY1]

Crypto will continue to be used for payments...regardless government intervention.

[Caldera]

I'm devastated that I won't be able to pay the pizza delivery guy in bitcoin anymore. Devastated!

[DJ54]

I know nothing about crypto ... read story about Rams WR Odell Beckham Jr. recent experience...