The Bank of Thailand is wrestling with cryptocurrency – how to adopt its usage and how to regulate it in the face of growing popularity, along with all the dynamics surrounding the new ‘currencies’.. The BOT admits they’re struggling with balancing the innovation in the financial world and protecting investors in a volatile and unstable market. Digital currency fluctuates much more widely than national currencies. Last year the BOT launched a prototype scheme for digital currency as Thailand has tried to attract cryptocurrency tourism. And failed.
Cryptocurrency can be viewed in 2 categories – ones stablised by backing with assets, often called stablecoin, and ones without stable assets backing them, such as the most popular cryptocurrency Bitcoin. Stablecoin can then be fiat-backed, asset-backed or algorithmic. Some stablecoin can be further stabilised by being backed by…
