Thailand Sees Rising Adoption of Cryptocurrencies as Means of Payment — Warns of Risks

Thailand Sees Rising Adoption of Cryptocurrencies as Means of Payment — Warns of Risks


Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment.

The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services” on Thursday. The notice explains that some enterprises have recently begun soliciting payments for goods and services in cryptocurrencies, naming bitcoin (BTC) and ether (ETH) as examples. The Thai central bank reiterated its stance that digital assets are not legal tender and it does not support their use as a means of payment for goods and services. The bank detailed that using cryptocurrencies as a means of payment leads to risks for both buyers and sellers, “such as price volatility, cyber theft, and money laundering.” <!– growjs zone placement

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