The Bank of Thailand, recently published guidelines detailing its stance on CBDC.
It is to be noted that the Bank of Thailand classifies stablecoins into 2 types. These are baht-backed and others. As the bank declared that it’s looking for input, there is room to influence policy-making for the Thai digital asset industry.
Recently, the Bank of Thailand published recommendations on stablecoins and also called for input on a regulatory discourse. The bank classified stablecoins into 2, differentiating stablecoins backed by the nation’s currency, the baht, from the rest.
The bank welcomes input on its recommendations with respect to other types of stablecoins. It mentioned,
“The BOT is open to receive comments and feedback before considering regulatory guidelines as appropriate.”
The bank further mentioned that it’s presently developing a Retail Central Bank Digital Currency
“to meet the needs of the general public, improve service efficiency in the business sector, and increase access to financial services.”
Notably, a CBDC has been a long-running aim of the bank. Last summer, it prematurely declared that such a cryptocurrency would be prepared shortly.
In the intervening period, the nation tried to embrace a restrictive perspective toward local digital currency investors and traders, only to take a step back after public reprisal.
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