The Bank of Thailand to introduce stablecoin regulation

Monday 22 March 2021 11:05 CET | News

An assistant governor of Thailand has announced that The Bank of Thailand (BOT) will regulate foreign currency-backed stablecoins, asset-backed stablecoins, and algorithmic stablecoins that are not illegal. 

The rules will not cover those without asset backing, such as Bitcoin or Ethereum and investors will have to take their own risks.

The move came after the BOT warned against a new baht-denominated stablecoin, THT, which it said could expose users to cyber thief and money laundering.

It is currently in the process of developing a retail central bank digital currency.

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Keywords: banks, stablecoin, regulation, Bitcoin, Ethereum
Categories: DeFi & Crypto & Web3
Countries: Thailand
This article is part of category

DeFi & Crypto & Web3