The financial authorities of Thailand plan on regulating the use of digital assets as a means of payment for goods and services. But will it actually happen? And, will the regulation maintain the spirit of what crypto is supposed to be? Covered: Financial Authorities Of Thailand To Ban Crypto As Payments Larger Market Impacts? Financial […] The post Thailand To Regulate Crypto As Payment… appeared first on CryptosRus.

Thailand To Regulate Crypto As Payment…

The financial authorities of Thailand plan on regulating the use of digital assets as a means of payment for goods and services. But will it actually happen? And, will the regulation maintain the spirit of what crypto is supposed to be?

Covered:

  • Financial Authorities Of Thailand To Ban Crypto As Payments
  • Larger Market Impacts?

Financial Authorities Of Thailand To Ban Crypto As Payments

Per a press release on Tuesday, the Bank of Thailand, Ministry of Finance, and Security and Exchange Commission of Thailand said that they are planning to regulate digital assets as a means of payment for goods and services. The authorities are considering limiting the use of crypto for payments and plan to issue new guidelines for specific digital assets. In other words, they plan on telling their citizens which cryptos they can and cannot use as a means of payment for goods and services.

They point out that because crypto firms have expanded their businesses to offer payment services in crypto instead of just investments, that crypto could “adversely impact financial stability”.  They believe that wider adoption will impact financial stability and the overall economic system.

Thailand financial authorities just want to remain in control and decrease the inevitable widespread adoption of crypto, and this quote says it all:

“At present, widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system. Therefore, clear supervision of such activity is needed. However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public”

During a news conference, the assistant secretary-general of the SEC, Charuphan Intararoong, said that the rule is not yet in effect and a hearing will be held on February 8th. Additionally, she mentioned that trading of crypto assets will still be allowed.

Recommended: Elon Musk Implores McDonald’s To Adopt Dogecoin

Larger Market Impacts?

Over the past 48 hours, it seems like the crypto market is heading for a recovery despite its sharp fall early on Monday. Most notably the global crypto market cap is up around 5 % in the past 24 hours.

Over the past month, several nations such as Russia and Pakistan, have further investigated the use of cryptocurrencies in their nations. This news came only hours after the Indonesian government warned financial firms to not be involved with using crypto as a means of goods and services.

Cryptocurrency/digital asset trading and usage continue to grow everyday. The main narrative of all stories and FUD regarding regulation is that centralization wants to remain central. Governments and central banks are noticing the increase in adoption of cryptocurrencies and are acting on it by “regulating” to keep “economic stability”. They are afraid their own native currencies will fail, and the only method to deal with it is through the regulation of what’s taking over, and that’s cryptocurrencies.

Recommended: Bitcoin, Peter Schiff, And Squid Game

 

The post Thailand To Regulate Crypto As Payment… appeared first on CryptosRus.