The Bank of Thailand has deemed any activity involving the THT stablecoin "illegal" on the basis it violates the nation's Currency Act.
The Bank of Thailand (BOT) has issued a warning against the use of Thai baht-denominated stablecoins, labeling them a threat to the stability of the national currency system.
In a press release on Wednesday, the central bank took specific aim against the baht stablecoin THT created on the South Korean stablecoin platform Terra.
“[THT] could cause fragmentation to the Thai currency system should THT or other similar stablecoins come to replace, substitute or compete with baht issued by the BOT,” the release reads.
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