Digital assets stare at uncertain future in Thailand as regulators clip their wings

[webfact]

Zacary Egea, a f ormer member of the Bolivarian National Police, shows his mobile while checking the status of his plant while playing the Plant Vs Undead video game in the Cuaricuao neighborhood in the Libertador municipality of Caracas on September 10, 2021. – According to a study by several universities, 96% of the population lives in poverty so video games that involve non-fungible tokens (NFTs) have unleashed a boom among the population that dreams with having a plant (Plant Vs Undead) that allows them to earn a bitcoin to get out of poverty. (Photo by Yuri CORTEZ / AFP)

 

Ending weeks of speculation, the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) on March 24 put in place new regulations governing the digital assets business, effectively curbing their ambitious outreach.

 

The authorities made it clear that the move was aimed at protecting investors and guarding against financial stability.

 

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The crux of the measure was prohibiting the use of digital assets, such as cryptocurrency and tokens, as a means of payment. Those involved in the digital asset business, whether they are digital exchanges, brokers, dealers, investment advisers, ICO portals or fund managers are barred from creating infrastructure that could facilitate the use of cryptocurrency as a means of payment for goods and services.

 

Full story: https://www.thaipbsworld.com/digital-assets-stare-at-uncertain-future-in-thailand-as-regulators-clip-their-wings/

 

-- © Copyright Thai PBS 2022-03-31

 

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[Will B Good]

9 minutes ago, webfact said:

The crux of the measure was prohibiting the use of digital assets, such as cryptocurrency and tokens, as a means of payment.

I really don't see this as having any impact on someone looking to 'invest' in cryptos.

 

I have been invested/gambled since 2015 and it never crossed my mind once to use it as a form of payment

[MadMac]

They tried with Bitcoin some years ago, high transaction fees killed it shortly afterwards. Same situation today, although there are other coins but they lack wide acceptance. So this is just another BS story from a central bank. Nobody uses crypto as currency. People stick to gold, real money, which is a good thing and one of the best in the world.

[Lacessit]

"The authorities made it clear that the move was aimed at protecting investors and guarding against financial stability."

 

I've seen some malapropisms and typos in my time, that one is Olympic class.

Doesn't anyone proofread anymore?

Edited March 31, 2022 by Lacessit

[Heng]

I think you'll find plenty of folks that hold crypto also hold gold.   The skiers (gold folks) vs. snowboarders (team crypto) thing is often just a show.   

[Sametboy2019]

5 hours ago, MadMac said:

They tried with Bitcoin some years ago, high transaction fees killed it shortly afterwards. Same situation today, although there are other coins but they lack wide acceptance. So this is just another BS story from a central bank. Nobody uses crypto as currency. People stick to gold, real money, which is a good thing and one of the best in the world.

Some people do use crypto to pay for things. There are crypto credit cards and even one called Glint that Is pegged to gold that you own that you can spend. 

[rumak]

57 minutes ago, Lacessit said:

"The authorities made it clear that the move was aimed at protecting investors and guarding against financial stability."

 

I've seen some malapropisms and typos in my time, that one is Olympic class.

Doesn't anyone proofread anymore?

you beat me to it

[Will B Good]

56 minutes ago, Heng said:

I think you'll find plenty of folks that hold crypto also hold gold.   The skiers (gold folks) vs. snowboarders (team crypto) thing is often just a show.   

Eggs and baskets.

[Caldera]

It took other countries decades of growth and development until they started to strangle innovation with (over-) regulation.

 

Thailand seems hell-bent on being over-regulated without even becoming a developed country first. That's quite an achievement, albeit none to be proud of!

[freedomnow]

That intro lingo melted my head at the beginning.

 

imagine showing someone that paragraph 10 years ago.

They'd be like "WHAT ?!"

 

Crypto and NFT further accelerating our move to abbreviated glyph lingo.

 

[freedomnow]

9 hours ago, webfact said:

The authorities made it clear that the move was aimed at protecting investors and guarding against financial stability.

So they don't want financial stability since they are guarding against it...uhu....

[ukrules]

Whatever they do in Thailand is irrelevant in the grand scheme of things.

 

It won't make a tiny bit of difference to the world. Nobody cares.

Edited March 31, 2022 by ukrules

[Jenkins9039]

Thailand banning 'utility' then, lol, the entire purpose of the coins....

[Heng]

17 hours ago, Will B Good said:

Eggs and baskets.

Yep.   Baskets quite scattered, to the point that I couldn't access a few during the various lock downs in other places. ????