The Bank of Thailand stated that more and more companies are demanding payments in cryptocurrencies, such as Bitcoin and Ether. The central bank reiterated its position on cryptocurrencies and warned of the risks of using them as a means of payment.

  • The country’s central bank, the Bank of Thailand (BOT), issued a warning notice on Thursday entitled “Warning on the Use of Digital Assets as a Means of Payment for Goods and Services.”
  • The notice explained that some companies have recently started to solicit payments for goods and services in cryptocurrencies, taking Bitcoin (BTC) and Ether (ETH) as examples.
  • The Bank of Thailand reiterated its position that digital assets are not legal tender and do not support their use as a means of payment for goods and services. The bank explained in detail that the use of cryptocurrency as a means of payment will bring risks to both buyers and sellers, “such as price fluctuations, online theft and money laundering.”

  • The Bank of Thailand clarified:

If the use of digital assets as a means of payment for goods and services becomes widespread, BOT will coordinate with the U.S. Securities and Exchange Commission (SEC) and other relevant agencies to take necessary measures to ensure that they do not affect the public or the economy and financial system.

  • The Securities and Exchange Commission of Thailand recently banned regulated cryptocurrency exchanges from providing services related to meme cryptocurrencies, fan tokens, and non-fungible tokens (NFT).
  • Security regulators also filed criminal proceedings against Binance, accusing it of illegally operating cryptocurrency trading businesses in the country.
See also  "Compliance is a journey" in the crypto space – Bitcoin News

What do you think of Thailand’s encryption warning? Let us know in the comments section below.

Tags in this story

Bank of Thailand, Central Bank, Crypto Payment, Payment Methods, SEC, Thailand, Thailand Encryption, Thailand, Thailand Encryption, Thailand Encryption Adoption, Thailand Encryption, Thailand Warning

Image Source: Shutterstock, Pixabay, Wikimedia Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author assumes direct or indirect responsibility for any damage or loss caused or claimed to be caused by the use or reliance on any content, goods or services mentioned in this article.