Central Bank in Thailand to regulate stablecoin
The Bank of Thailand issued initial guidance on stablecoins and has also requested input on regulatory guidelines.
It breaks stablecoins into two options – the first being backed by Baht currency, which is also known as e-money. Hence, the issuers that provide stable coin services are expected to seek central bank advice.
The second group is also another type of stablecoin, that is backed by a foreign currency. The central bank said that these stablecoins are illegal, but are considering regulatory guidelines.
At the same time, Thai Bank also emphasized its retail and central bank digital currency work.
Last week, they published a report on the CBDC trial for corporate payments, that highlighted the performance issues. Siam Cement Group is intricate in every successful blockchain solution. The central bank is also a major participant across cross borders.
When it comes to the use of blockchain, Thailand is an innovator. Currently, the central bank has issued scriptless blockchain bonds to retail investors. 22 banks are involved in a blockchain letter of guarantee system that has already processed hundreds of millions in the guarantee.
This year, the Stock Exchange of Thailand (SET) also plans to launch digital asset trading.