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Friday, March 29, 2024

BoT warns against illegal use of Thai Baht-denominated Stablecoins

  ​Mr. Pruettipong Srimachand, Assistant Governor of the Legal Group, Bank of Thailand (BOT), has revealed that recent developments have seen the private sector attempting to create cryptocurrencies utilizing underlying assets or fiat currencies as an anchor to minimize price volatility. Such cryptocurrencies are known as stablecoins.

More recently, a new form of stablecoins utilizing underlying algorithmic smart contracts has been created to replicate the price and movement of various currencies.

It has come to the BOT’s attention that a new stablecoin, THT, has been created abroad on the Terra Platform.

Any activity involving THT is deemed illegal, as the creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958.

 ​Mr. Pruettipong Srimachand, Assistant Governor of the Legal Group, Bank of Thailand…

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