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Bank of Thailand Warns Businesses Over Accepting Digital Assets

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Bank of Thailand Warns Businesses Over Accepting Digital Assets

On Wednesday, the Bank of Thailand urged companies to be cautious about accepting digital assets as payment for goods and services, as more companies signed partnerships to accept major cryptocurrencies.

In a statement, the Bank of Thailand (BoT) stated that the volatility of digital currency prices, the risk of cyber theft, and tools for money laundering could affect customers and businesses.

The announcement comes as local cryptocurrency exchanges are partnering with firms to accept digital assets as payment. During the pandemic, trading and interest in cryptocurrencies have risen in Thailand.

Property developer SC Assets Plc announced this week that it has partnered with an exchange, Zipmex, to allow customers to purchase property using digital assets, such as Bitcoin, Ethereum and Zipmex tokens.

A similar agreement was announced between Mall Group and Bitkub, a rival exchange.

In addition to local lenders, cryptocurrency exchanges are also being invested in. Earlier this month, Siam Commercial Bank Plc announced the acquisition of Thai-based exchange Bitkub for 17.85 billion baht

The venture capital firm of Facebook co-founder Eduardo Saverin, B Capital Group, is an investor in Zipmex.

The Bank of Thailand plans to come up with regulatory models to limit risks associated with digital assets as payments in cooperation with the Securities and Exchange Commission.

Related News:

Chase Bank Launches New Digital Assets Bank in the U.K

Bank of Thailand Announces Plan to Test Retail Digital Currency

The Sui Generis Nature of Cryptocurrencies and Digital Assets

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