The Bank of Thailand doesn’t need native banks or businesses victimization crypto, whereas the tourism ministry continues to be making an attempt to draw in crypto whales.
The Bank of Thailand has explicit that it doesn't wish industrial banks to be directly concerned within the commerce of crypto assets.
The edict came from central bank senior director Chayawadee Chai-Anant on Dec. seven who cited risks related to high value volatility.
"We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk."
The latest round of central bank suppression of digital assets comes at a time once commercial banks are making investments in native cryptocurrency exchanges, per a bangkok Post report.
In early November, Thailand’s oldest bank Asian country commercial bank (SCB) announced that it had been feat a 51% stake within the country’s largest crypto exchange, Bitkub. In late August, the Zipmex crypto exchange raised $1.3 billion in funding from the country's fifth-largest investor, Bank of Ayudhya.
The Bank of Thailand (BoT) has taken an more and more harder stance against digital assets despite their growing quality within the country among people, companies, and banks.
Last week, larva senior director Sakkapop Panyanukul warned businesses concerning acceptive crypto, stating: "If other currencies are wide used, it will impact the central bank's ability administrate the economy." concerning tokens not backed by assets, he tagged them as “blank coins.”
The central bank has conjointly expressed concern over the employment of cryptocurrencies to pay money for product and services. in a very connected report on Dec. 8, Chai-Anant commented that digital assets may well be harmful to merchants and shoppers as a result of they're “associated with high worth volatility and risks of cyber theft, personal data outpouring, and money laundering.”
“If digital assets become widely used as a means of payment for goods and services, such risks could affect payment system stability, financial stability, and consumer protection.”
( Martin Young, Cointelegraph, 2021)