The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF) have come together to review and issue guidelines on the use of digital; assets as a payment tool.
In a joint press release on Tuesday, Thailand’s top regulatory bodies said that it has become necessary to review and regulate digital assets as a means of payment for goods and services. After careful consideration and assessing all the pros and cons, the joint committee said that the use of digital assets as a widespread payment tool could pose a risk to the financial-economic stability.
- Volatility risk: digital asset volatility could lead to for merchants and users alike. The conversion fee could add an extra burden.
- IT risk: Consumers may face cyber theft, personal data leaks, or opportunity cost in instances of system failure.
- Compliance and legal risk: digital assets could pose a legal risk due to the anonymity factor.