BANGKOK: Thailand’s central bank issued a warning on Thursday (July 8) against using digital assets like Bitcoin and Ether to pay for products and services, citing risks such as cyber theft and money laundering. The Bank of Thailand (BOT) stated in a statement that digital assets are not considered legal money.
According to the BOT, some businesses have recently begun accepting payments in digital assets in return for products and services, and it has been closely monitoring such developments.
Both the payer and the recipient may face risks such as price fluctuation, cyber theft, and money laundering when using digital assets as a payment method, according to the report.
“The BOT does not endorse the use of digital assets as a form of payment for goods and services,” it continued, “a position shared by many international organizations and authorities.”
Should the use of digital assets for payments grow widespread, the BOT said it would work with the Securities and Exchange Commission and other relevant institutions to ensure that such acts did not endanger the public or the financial system.
(Orathai Sriring contributed reporting, and Ed Davies edited the piece.)/n
