BoT mulls stablecoins to pay for goods, services

The Bank of Thailand (BoT) is considering promoting the use of stablecoins to pay for goods and services, specifically in some use cases, which will be useful for financial innovation.

The central bank has been drafting rules governing the use of digital assets and the regulations are expected to be implemented in the near future.

The BoT has also been studying how other countries’ central banks supervise digital assets.

Some central banks wholly ban the use of digital assets, some of them fully back them, while others adopt a neutral policy, said Sakkapop Panyanukul, the BoT’s senior director of the economic and policy department.

For instance, El Salvador accepts Bitcoin as legal tender.

China bans cryptocurrencies entirely and views cryptocurrencies and cryptocurrency-related transactions as illegal.

Several central banks take…