Thailand to bar use of digital assets for payments for goods, services from April

[snoop1130]

 

Thailand’s Securities and Exchange Commission (SEC) has issued a set of regulations to be applied to digital assets operators, which take effect on April 1st, barring them from using digital assets as a means of payment for goods or services.

 

The regulations are intended to control the use of digital assets as a means of payment, to prevent cybercrime, money laundering, data leaks and any threat to financial stability and the economic system.

 

The use of digital assets for investment is not affected by the new regulations.

 

Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe

 

Full Story: https://www.thaipbsworld.com/thailand-to-bar-use-of-digital-assets-for-payments-for-goods-services-from-april/

 

-- © Copyright Thai PBS 2022-03-23

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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

[oMega69]

Exellent News !

[Lemsta69]

Neo-Luddites ????

[timendres]

1 hour ago, snoop1130 said:

The regulations are intended to control the use of digital assets as a means of payment, to prevent cybercrime, money laundering

I am sure the cyber criminals and money launderers are very concerned about this development.

 

1 hour ago, snoop1130 said:

any threat to financial stability and the economic system

Ding ding ding. Cannot have any threat to the almighty central bank baht.

[ukrules]

1 hour ago, snoop1130 said:

barring them from using digital assets as a means of payment for goods or services

Oh dear, the inevitability of the pending failure for this completely unenforcable rule is absolute.

 

Quote

The prohibition covers the opening of e-wallets or the provision of tools or systems to facilitate the use of digital assets as a means of payment for goods or services.

Did they just make all forms of 'digital barter' illegal?

 

7/11 loyalty points spring to mind and the law of unintended consequences, those points you get at every shop are all digital assets held in an 'e-wallet' right?

They're worth something and you can certianly spend them.....

 

How long until they back track on this one ????????

[Ralf001]

Does this include the <deleted> that pay for stuff using an app on their phone.... drive me <deleted> nuts getting caught up behind these people.

[Pouatchee]

1 hour ago, Ralf001 said:

drive me <deleted> nuts getting caught up behind these people

me too

[kickstart]

1 hour ago, Ralf001 said:

Does this include the <deleted> that pay for stuff using an app on their phone.... drive me <deleted> nuts getting caught up behind these people.

The pay for stuff you see is probable the government, Klor-Ra- kung, in Thai, you pay half  a 

Government scheme they give you 1200 baht ,but you can buy stuff for 2400baht,and you can buy stuff  as little as 20 baht and  government pays half ,so you buy stuff for 100 baht you pay 50 baht government pays 50 baht ,this is all done on mobile phones ,so far they have been 3 schemes so far with more to come ,so you will be caught behind people with their mobile phones for some time to come .

[jvs]

What was the date again? Oh yes,April 1st.

[ukrules]

54 minutes ago, kickstart said:

The pay for stuff you see is probable the government, Klor-Ra- kung, in Thai, you pay half  a 

Government scheme they give you 1200 baht ,but you can buy stuff for 2400baht,and you can buy stuff  as little as 20 baht and  government pays half ,so you buy stuff for 100 baht you pay 50 baht government pays 50 baht ,this is all done on mobile phones ,so far they have been 3 schemes so far with more to come ,so you will be caught behind people with their mobile phones for some time to come .

Did they just accidentally ban this as well? Would be hilarious if true.

What about credit cards? Credit is nothing more than tokenised money.....especially foreign money.

[Artisi]

It will soon be forgotten, it's the way of things in LOS, if they screw-up you just forget about it and everything just drifts back to normal. 

[Ralf001]

7 hours ago, kickstart said:

The pay for stuff you see is probable the government, Klor-Ra- kung, in Thai, 

 

I highly doubt the people I get stuck behind at the hardware store buying 1000's of baht worth of plumbing fittings and paints and assorted industrial supplies wearing clothing showing their work logo are buying on a government scheme.

[Orinoco]

Thailand -4.0

Forging ahead, to a better future. in a digital world. !!! Lol

 

 

Edited March 23, 2022 by Orinoco

[RichardColeman]

I am too poor to have to worry about this story !

[mtls2005]

SCB made a HUGE move into "digital assets" via their investment/takeover of Bitkub.

 

Once their largest shareholder finds out about this I suspect it will be quietly rescinded.

 

 

[hotchilli]

14 hours ago, snoop1130 said:

The use of digital assets for investment is not affected by the new regulations.

 

14 hours ago, snoop1130 said:

barring them from using digital assets as a means of payment for goods or services.

Joining the digital age... ?

[spidermike007]

12 hours ago, Ralf001 said:

Does this include the <deleted> that pay for stuff using an app on their phone.... drive me <deleted> nuts getting caught up behind these people.

I know guys who will not leave their home without 20,000 baht in their pocket. Real men carry cash. 

[jacko45k]

Just now, spidermike007 said:

I know guys who will not leave their home without 20,000 baht in their pocket. Real men carry cash. 

One has to, I cannot be trusted out and about with a credit card!

[Ralf001]

7 minutes ago, spidermike007 said:

I know guys who will not leave their home without 20,000 baht in their pocket. Real men carry cash. 

Same here, but any purchases for work I pay with credit card.

[spidermike007]

1 minute ago, Ralf001 said:

Same here, but any purchases for work I pay with credit card.

And that is fine. Cards are useful. It is the Gen Z ninnies who pay for their coffee and everything else with a card that is inane. 

 

Man up. 

[jacko45k]

Just now, spidermike007 said:

And that is fine. Cards are useful. It is the Gen Z ninnies who pay for their coffee and everything else with a card that is inane. 

 

Man up. 

If you can use tap and go, it makes sense..... not really here in LOS yet, Imagine the kid or Mrs getting her hands on that!

[koratkarlos]

Why is the government so worried about money laundering?  They are admitting to serious budget deficits but limiting deposits at certain banks.  Maybe they will catch their own hand in the laundering cookie jar.  And S and P just down graded the Thai Bank debt.  With no tourists coming for a long time, increased oil prices and mounting consumer debt perhaps the financial focus should be redirected.

Edited March 24, 2022 by koratkarlos
Grammar

[tonray]

48 minutes ago, mtls2005 said:

SCB made a HUGE move into "digital assets" via their investment/takeover of Bitkub.

 

Once their largest shareholder finds out about this I suspect it will be quietly rescinded.

 

 

No doubt already known and part of a plan to release an 'official' 'coin' with certain characteristics (think big bird on financial company building facades)

[jvs]

Still answering this April fools joke?

[Freddy42OZ]

14 hours ago, Ralf001 said:

Does this include the <deleted> that pay for stuff using an app on their phone.... drive me <deleted> nuts getting caught up behind these people.

Must be really annoying for you carrying those heavy shells you pay with.  
 

[digger70]

Sounds like they are Going Stupid . 

 

People also ask

What are examples of digital assets?

A digital asset is anything that is stored digitally and is uniquely identifiable that organizations can use to realize value. Examples of digital assets include documents, audio, videos, logos, slide presentations, spreadsheets and websites.

[MadMac]

16 hours ago, timendres said:

I am sure the cyber criminals and money launderers are very concerned about this development.

I thought they use US$ ????. Anything changed?

Edited March 24, 2022 by MadMac

[Sqoop]

Is this not related to the advent of Central Bank digital currencies ? Public distributed ccy's are seen as competition. Hence the taxes and new laws in many regions. Seems like a dystopian future. 

Edited March 24, 2022 by Sqoop

[MSMU1993]

Narrator: It didn't matter, it was impossible to enforce...

[Misterwhisper]

As usual, Thailand is awfully slow.

Money launderers have long ago switched to kowrie shells and colored glass beads for their nefarious transactions