After news about the rules approved by the SEC that digital asset business operators Must not support or encourage the adoption of digital assets to be used as an intermediary for payment This includes the action
- no solicitation advertisement or showing that they are available to the store so that the merchant can accept payment for the goods or services with digital assets
- Do not create any system or tool that facilitates merchants in accepting payments with digital assets.
- Not providing services to open electronic wallets (Wallets) for merchants to accept payments for goods or services with digital assets.
- In the event that a trader sells digital assets to receive in Thai baht The operator must transfer the baht to the trader’s account only.
- does not provide services in the nature of transfers digital assets or money from the trader’s account to the account of another person or any person for the purpose of receiving payment for goods or services
- Do not operate in any way other than 1-5 that encourages or promotes the adoption of digital assets as a payment medium.
because the Bank of Thailand is concerned that If someone uses digital assets on a daily basis will affect the stability of the economy This affects the confidence of “baht” and will affect the implementation of the Bank of Thailand’s policy that is based on the baht.
“If Thai people own less baht. Use more digital assets This will make the Bank of Thailand more difficult to implement the policy. And finally, it will affect both the people who use it. and not using digital assets.” liquidity of the economy If the baht decreases The National Bank can also inject money into the system. can enhance liquidity But if digital assets are used It’s no different when we use foreign currency that we can’t stimulate the economy. If we use digital assets in our daily life a lot. The policy of the Bank of Thailand will be even more effective.
In addition, the SEC has also revealed the views of countries on the adoption of digital assets as a medium of payment.
- China and Russia have banned everything from mining cryptocurrencies, trading cryptocurrencies and using them to pay for goods and services.
- Indonesia prohibits the use of payment for goods
- India is in the process of proposing a law
- El Salvador supports all aspects of crypto.
in which Thailand is in the middle People can still invest. Able to conduct Peer-to-peer transactions or still transfer between each other. It is strictly prohibited to use it as an intermediary for the payment of goods and services. In the past, many listed companies have told their customers that they can accept payments with digital assets.
The SEC has already sent a letter to this group of companies. And regulators insist they won’t support this.
On the side of Mr. Phawut Phongwittayaphanu, Chief Executive Officer of Pay Solution Company Limited, commented on his personal website that
Pay Solutions yesterday held a press conference discussing COVID and the growing opportunities of online payments. And launching (testing) accepting crypto payments….
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www.PaySolutions.asia It is an online payment service company. We are the first Payment Gateway service provider in Thailand (formerly known as ThaiEpay.com). It has been open for 18 years. Since 2003, we have helped tens of thousands of Thai businesses trade and receive money online for billions of baht. via credit card, installment, PromptPay or various Wallets
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Back in 2015 (7 years ago) PaySolutions is accepting Bitcoin payment. We work with Thailand’s first web exchange www.BX.in.th to accept Bitcoin and convert to baht. We have been open for 2 years. than the National Bank have contacted to ask to bring this service down Because at that time, Bitcoin was not legally supported like today. I accepted and shut down the service during 2018.
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But coming this year The world of crypto has changed. The whole world is moving towards Web 3.0 and Decentralize work and I am one of those people who have been working in internet technology for over 20 years (can be called the younger generation). new used with the payment system Therefore, the project to bring crypto payments to be reworked In order to launch a crypto payment service this time, the PaySolutions team is quite careful. The concerns of government agencies are as follows:
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1. Cryptocurrency Volatility – PaySolutions accepts crypto to stable coin, crypto currency with very low volatility. because it is tied to the US dollar Then change it to baht at the Exchange in Thailand according to the law.
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2. Fear of money laundering – PaySolutions limits crypto payments to 20,000 per transaction. and set aside to exceed 1 hundred thousand baht per month/store
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3. If any buyer is suspicious We will immediately ask for identity verification with Creden eKYC, if not, we will not allow you to pass.
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4. Open for trials for a limited number of specialized stores. Not open to new stores will be the original shop that is already trading There is business verification (KYM – Know Your Merchant) according to the standards of the Anti-Corruption Commission.
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Repeat again… “We are not open to the public. It is open to testing technology and innovation. A new form of payment” that many countries have started to go a long way, so I secretly thought that the launch of PaySolutions accepts crypto. may be a catalyst for the National Bank Hastily issued a press release about not supporting the adoption of crypto.
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Actually, I was invited by the Bank of Thailand for a meeting last week. But because it’s not convenient, it’s postponed to this week…. One would probably go in and talk as we had prepared. and intends to present the development of new innovations Payment
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Seriously, if this time the National Bank asks to stop the service as “PaySolutions Company”, licensed by the Bank of Thailand It must be followed…
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But as someone who wants to develop new innovations “I won’t stop,” but I’ll have to find a country that is ready to support it. and open to the development of new innovations and keep walking… which may be good leaving the country It will make the business go to the Global Market faster.
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To be honest, personally, I’ve been working with the government for ten years. Participated in issuing many digital laws of the country Pointing and raising Thai people to wake up to technology or waking up the state with tax collection of foreign companies Worked in the faculty working with many government agencies. Teach and train thousands of state people about technology and many new things….and today still work in the Senate. (Opportunity to teach in the Senate to know crypto) with the goal of wanting Thailand to grow with technology.
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But if the state is afraid or worried, it should come to talk to the private sector and find a solution together. “Everything has a problem.” But if we slowly talk, plan, have a sandbox, we have to gradually do it together. The private sector leads the state to walk together. What’s there to support each other? What’s wrong? What’s wrong? Tell the private sector. There are millions of solutions. that we can solve the problem I think Thailand should be at the forefront of technology. Cryptocurrency of ASEAN
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Summarizing the long complaints I don’t want you to agree with me or to insult government agencies. I personally have very good intentions. In order to make technology to develop our country If anyone is enough to pass on or know who has a role in running the country Anyway, please forward it to me.
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Today’s country must dare to do something new. Open space for the new generation to think, do, and then the older generation is supporting them in the direction that we see together as good. “It’s different to grow.”
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*** I repeat… Don’t write, complain or insult anything in this post. Complaining on social media doesn’t change anything. real change It is caused by the fact that we get up and “do it”.
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If possible, “Please share this to Uncle Tu or the governor of the National Bank, please.” I think if there is a chance to talk We might actually see a change.
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with reverence
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Fort Phawut
This work does not know that in terms of business it will take time to plan. How long will it take to develop and adjust the law? But the obvious thing is that people are already brave enough to try and adapt to the rapidly changing technology.
Source: invest man, Pawoot
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