The Deputy Prime Minister of Thailand asked the Bank of Thailand (BoT), a financial regulator, to relax its regulations and study in depth whether bitcoin is suitable to function as a legal payment method in the country.
The Bank of Thailand will have to relax its strict regulations that hinder the FinTech.
Somkid Jatusripitak
Deputy Prime Minister, Thailand
Somkid Jatusripitak, Deputy Prime Minister of the Asian country, told a FinTech event organized by Matichon Group a few days ago, making it clear that Thailand's position in the financial technology industry is fully open. A position that, undoubtedly, is well received by thousands of users of criptomonedas in the territory.
Jatusripitak also commented on the importance of opening legal doors to the industry, but always keeping in mind the need for arduous research to assess the risks of implementing financial technologies such as blockchain, and digital coins such as bitcoin, which worries Particularly volatility.
This will allow the bank to explore the possibilities of new innovations such as bitcoin to determine whether Thailand should adapt it, how well it should be adopted, how appropriate it is for the country, what risks it has, how it prevents fraud and how Entrepreneurs and financial institutions to become involved in Fintech.
Somkid Jatusripitak
Deputy Prime Minister, Thailand
The Deputy Prime Minister - who a few weeks ago said that the Ministry of Finance and the Bank of Thailand should collaborate to support FinTech - is aware that getting Thailand to have a regulatory framework for distributed accounting and other finance alternatives would provide them A leadership position in neighboring countries such as Cambodia, Laos and Vietnam.
For his part, Finance Minister Apisak Tantivorawong, according to a local newspaper, considers that the Central Bank is able to "modify its rules appropriately" to allow the use of digital coins, a reform that has been investigating for almost four years .
It should be noted that Thailand's financial authority has been following in detail the activities related to bitcoin and altcoin, distinguishing it from scams posing as cryptones, to the point that it issued an alert about the dangers of investing in OneCoin.
However, Jatusripitak makes it clear that this does not mean that the Bank of Thailand is accepting bitcoin as a legal tender or as a method of payment; Because as the Deputy Prime Minister said, he has not accepted everything or denied the moment.
This is a news story that further directs the expected regulation for criptomonedas in Thailand, but for the moment will have to wait to know what the short and long term plans of the Bank of Thailand in this regard.