The Bank of Thailand to introduce stablecoin regulation.

[Malam90]

An assistant governor of Thailand has announced that The Bank of Thailand (BOT) will regulate foreign currency-backed stablecoins, asset-backed stablecoins, and algorithmic stablecoins that are not illegal.

The rules will not cover those without asset backing, such as Bitcoin or Ethereum and investors will have to take their own risks.

The move came after the BOT warned against a new baht-denominated stablecoin, THT, which it said could expose users to cyber thief and money laundering.

It is currently in the process of developing a retail central bank digital currency.  News

[damsix]

Thailand does not seem to want to lose the momentum where digitalization must also be at the forefront of Southeast Asia.
It is a good thing for the country to introduce a stable coin from the Thai baht because all countries must have stable coins in order to trade crypotency.
If everything is achieved, it is certain that Thailand will be very open to cryptocurrency.

[NANCY]

A few days ago we heard that Thailand Bank has been closed but many of us do not know why it has been closed. At present, such looting is a lot more security Even after making arrangements, looting is taking place from there. But now there is no possibility of these happening and now the security system is of better quality.

[kulkhan]

I Think Bank Of Thailand Did Well. I Also Think It Will Inspire Another Bank Or Another Country to use Stable Coin.  I Think Every Country Need own Stable Coin. Because Now a days It is Very Important for all Countries.

[smrityirany]

This is a another good news for the crypto currency world. Already some countries have adopted some altcoin for their money transection but many countries did not allow this. Recently the Bank of Thailand has announced that , they are taking initiative regulate stable coin. It is a great achievement. I think for the easy and speedy transection more countries and more banks would apply this technology.

[Freemind]

This is a step forward from the Thai government for possible future adoption of cryptocurrencies. It seems to me a success that to begin with, only those that have asset support are accepted, it is a way of observing and studying closely how cryptocurrencies work. Maybe in the near future that list of cryptocurrencies can be expanded.

[masudginanjar]

Thailand is very good for expanding the cryptocurrency business because Thailand is very open to tourism, which automatically comes a lot of foreigners to Thailand.
To get around that, cryptocurrency can also be an alternative payment for hotels, restaurants, bars and anything else in the form of entertainment in Thailand.
This trick is simple because from all over the world there are so many people who have digital assets such as Paypal and various cryptocurrencies.

[ttcsalam]

An assistant governor of Thailand has announced that The Bank of Thailand (BOT) will regulate foreign currency-backed stablecoins, asset-backed stablecoins, and algorithmic stablecoins that are not illegal.

The rules will not cover those without asset backing, such as Bitcoin or Ethereum and investors will have to take their own risks.

The move came after the BOT warned against a new baht-denominated stablecoin, THT, which it said could expose users to cyber thief and money laundering.

It is currently in the process of developing a retail central bank digital currency.  News

This is very good news for all of us. we can get lots of positive sigh from the news at present market condition is growing gradually we can expect good something within a short time.

[kent47400]

Thailand is indeed extraordinary in its business development, such as beaches, bars, hotels etc. and I believe Thailand is very open to all profitable businesses that are brought from various parts of the world.
Now Thailand is very open to cryptocurrencies and for sure this will make something very valuable for Thailand in the future as a motor in Southeast Asia for cryptocurrencies.

[Noverteno]

Each state has the right to regulate on its territory the circulation of any foreign currency, including stable coins, which are backed by foreign currency. I even wonder why governments have not paid attention to stablecoins before.
Many states are now planning to issue their own central bank stablecoins and will be interested in keeping others' stablecoins, and especially private and other commercial stablecoins, less used than their stablecoin.
Most likely, Thailand is also preparing to issue a national stablecoin.

[Alcor]

Although the current stablecoins are mainly used to secure the currencies of states, they belong to private and various commercial structures. Of course, states will not stand aside from the process of using their national money and possible abuse in this regard. Also, states will not remain aloof from the circulation of such stablecoins if they are backed by the currencies of other states. In any case, their circulation should be regulated on the territory of a particular state. This is the right and duty of every state. It is very surprising that states did not react to these stablecoins for a long time.

[Rinat8368834]

I am not at all surprised that sooner or later everyone will come to this, since they will have no options. The sooner countries do this, the easier it will be in the future. By the end of 2021, the Central Bank of Thailand plans to adopt rules on stablecoins, the assistant to the head of the institution said.

[Senin]

I am not at all surprised that sooner or later everyone will come to this, since they will have no options. The sooner countries do this, the easier it will be in the future. By the end of 2021, the Central Bank of Thailand plans to adopt rules on stablecoins, the assistant to the head of the institution said.

Private stablecoins, backed by the currencies of various countries, cannot remain without due attention and regulation on the part of the states in whose territory they make payments for a long time. The circulation of private money was never encouraged by states and in some cases was even considered a crime. Therefore, such regulation is quite logical.

[Fenix]

I think that over time, all states will be forced to regulate the circulation of private stablecoins on their territory. With the advent of digitized central bank currencies, i.e. government stablecoins, regulation of private and other commercial stablecoins will become more stringent, or even banned entirely, unless they fully comply with all regulatory requirements. Here we cannot oppose them with something. After all, if their national currency is used as collateral, they have every right to regulate the circulation of these stablecoins.

[Freemind]

I think that over time, all states will be forced to regulate the circulation of private stablecoins on their territory. With the advent of digitized central bank currencies, i.e. government stablecoins, regulation of private and other commercial stablecoins will become more stringent, or even banned entirely, unless they fully comply with all regulatory requirements. Here we cannot oppose them with something. After all, if their national currency is used as collateral, they have every right to regulate the circulation of these stablecoins.

Yes, each government has the power to make its sovereign currency prevail, but I think that would be a step backwards. Closing the doors to stablecoins could prevent the government from receiving a large amount of money in taxes and would also prevent its citizens (companies and businesses) from earning money through other types of payment. It is good and necessary that there be certain regulations, but I do not think it is good to close the doors to new sources of income.