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Breaking! Thailand to Regulate Use of Cryptocurrency in 2022

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Thailand plans to outlaw the use of cryptocurrency as payments for goods and services, its central bank and market regulator said on Tuesday.

In a joint statement from the Bank of Thailand, the Securities and Exchange Commission, and the Ministry of Finance said that digital asset operators have expanded their businesses to include activities related to digital assets as payments, which may lead to wider adoption of such activity.

According to the Bangkok Post, this could have an impact on financial stability and the overall economy.

In the wake of a boom in cryptocurrency usage, Indonesia’s financial regulator warned financial firms not to offer and facilitate crypto sales.

The Bank of Thailand has repeatedly made it clear it does not support the use of cryptocurrency as a payment method.

Charuphan Intararoong, assistant secretary-general at the SEC, said a public hearing will be held until Feb 8 before the new rule goes into effect.

As of now, it will not cover the use of digital assets as payment methods between merchants and customers, while cryptocurrency trading remains permissible.

Thailand trying to curb cryptocurrency use

The trading and investment of digital assets will still be possible for investors, consumers, and citizens, according to Charuphan.

However, the central bank and related agencies will consider allowing digital assets that benefit the country to operate, said assistant Bank of Thailand governor Siritida Panomwon Na Ayudhya, without elaborating.

With retailers and real estate developers accepting cryptocurrencies as payments, cryptocurrency trading and use have gained traction in Thailand.

Meanwhile, as major economies look to curb crypto’s popularity, the value of cryptocurrency continues to fall.

According to CoinDesk, Bitcoin was trading at $39,097 as of 3:00 am ET, down over 7% in the last seven days. Since the start of the year, the price of bitcoin has plummeted by over 15%. It peaked at $68,990 in November.
The performance of its peers has deteriorated in recent months. The world’s second most valuable cryptocurrency, Ethereum, fell almost 8% in the last 24 hours, according to CoinDesk. The price has fallen nearly 20% since the beginning of January.

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