Thai Banks: Local Banks Should Not Engage in Digital Banking! We do not support encrypted payments

Chayawadee Chai-Anant, managing director of the Central Bank of Thailand (BOT), said in a meeting on December 7: At the same time, Chai-Anant also appealed to the bank of financial institutions to ensure that the assets digital are not supported as a payment method. for goods and services. He said digital assets can be devastating for traders and consumers alike as they interact with volatile online exchange rates. Risk of theft, personal data leakage and money laundering.

“If digital assets are widely used as a means of payment for goods and services, these risks could affect payment security, financial security and the consumer environment.

According to the Bangkok Post, digital capital has become a popular business, enterprise and bank in Thailand. BOT chief executive Sakkapop Panyanukul also warned companies last week not to accept cryptocurrencies, saying tokens are not backed by assets other than free coins. The use of many of the other gains will affect the ability of central banks to monitor the economy.

Support from the Thai Tourism Board

Although the Thai economy is heavily dependent on tourism, the economy has been hit hard by the epidemic. Starting in September, the Trade Authority of Thailand (TAT) is looking for opportunities to introduce its own token, TAT, and plans to bring in cryptocurrency traders.

Jirayut Srupsrisopa, CEO of local cryptocurrency exchange Bitkub, spoke at the Transformation of Tourism with Cryptocurrency conference in late November, asking developers to approve the release of the TAT token. Governments have created laws, regulations and policies to promote digital marketing at the push of a button.

He said if we can support this economy, our national GDP can be multiplied by six.

According to the Bangkok Post, Thai tourism director Yuthasak Supasorn said the power of cryptocurrency is using technology to create a new economy that will empower the rich, including the rich. No agent or broker needed.

Thai bank mogul acquires local stock exchange

According to earlier data, Thailand's oldest company, Siam Commercial Bank (SCB), announced in November that it had acquired a 51% stake in Thailand's largest cryptocurrency exchange, Bitkub. . Bitkub said at the time: Bitkub was not a startup, it is now one of the key components of the Thai financial system 3.0.

Bitkub is a unicorn worth over US $ 1 billion. According to Coindesk, from January to September of this year, Bitkub's market volume exceeded $ 30 billion. It is the largest cryptocurrency exchange in Thailand and is responsible for the Thai cryptocurrency exchange market. 90% of the total.

In terms of low interest rates and recent trade, Thailand, China's second-largest market in Southeast Asia, is gradually increasing its demand for cryptocurrencies and other emerging markets. Get better recovery.