Connect with us

Thailand

Bank of Thailand concerned with banks trading in digital assets

Neill Fronde

Published

 on 

PHOTO: The Bank of Thailand warns against banks getting too involved in crypto. (via Thailand Business News)

The Bank of Thailand said they don’t want commercial banks to directly trade in cryptocurrency and digital assets due to their extreme volatility. Thai lenders have been investing more and more in digital asset exchanges in Thailand with several banks making deals in the digital currency space.

Siam Commerical Bank recently purchased a 51% share of Bitkub for 17.85 billion baht, Thailand’s most successful digital exchange that has captured a staggering 92% of all licensed trading turnover, over 1 trillion baht in 2021. And Bank of Audhya was involved in a 1.37 billion baht investment in Zipmex, another digital exchange.

But the Bank of Thailand says that banks are responsible for customers’ money and deposits and doesn’t want to see those intermingled with the wild market swings of cryptocurrencies and digital assets. The senior director of the BoT said that dealing in crypto is different from a bank being a shareholder in a digital exchange though like SCB and Audhya are.

There are 8 cryptocurrency exchanges that are licensed to operate in Thailand and they have moved about 205 billion baht in digital asset transactions in November alone according to the Security and Exchange Commission. And while the central bank has been warning companies against accepting crypto as payment, digital assets have been growing and growing in popularity and retail shops, real estate developers and other businesses have begun accepting crypto payments more and more.

The Bank of Thailand warns though that once crypto is in widespread use, they will no longer have a strong grasp on the economy with the senior director saying that currencies that aren’t backed by any assets pose a particular threat.

“If other currencies are widely used, it will impact the central bank’s ability to oversee the economy. For digital assets, we are not afraid of everything, but there is a spectrum – most worrying are blank coins.”

SOURCE: Reuters

 

Get more from The Thaiger

Looking for your next home in Thailand? Let us match you with a local expert in minutes!

Thank you for your interest!

One of our agents will
reach out to you soon.

I want to:
  • Thailand (ไทย)+66
  • United States+1
  • United Kingdom+44
  • Australia+61
  • Afghanistan (‫افغانستان‬‎)+93
  • Albania (Shqipëri)+355
  • Algeria (‫الجزائر‬‎)+213
  • American Samoa+1684
  • Andorra+376
  • Angola+244
  • Anguilla+1264
  • Antigua and Barbuda+1268
  • Argentina+54
  • Armenia (Հայաստան)+374
  • Aruba+297
  • Australia+61
  • Austria (Österreich)+43
  • Azerbaijan (Azərbaycan)+994
  • Bahamas+1242
  • Bahrain (‫البحرين‬‎)+973
  • Bangladesh (বাংলাদেশ)+880
  • Barbados+1246
  • Belarus (Беларусь)+375
  • Belgium (België)+32
  • Belize+501
  • Benin (Bénin)+229
  • Bermuda+1441
  • Bhutan (འབྲུག)+975
  • Bolivia+591
  • Bosnia and Herzegovina (Босна и Херцеговина)+387
  • Botswana+267
  • Brazil (Brasil)+55
  • British Indian Ocean Territory+246
  • British Virgin Islands+1284
  • Brunei+673
  • Bulgaria (България)+359
  • Burkina Faso+226
  • Burundi (Uburundi)+257
  • Cambodia (កម្ពុជា)+855
  • Cameroon (Cameroun)+237
  • Canada+1
  • Cape Verde (Kabu Verdi)+238
  • Caribbean Netherlands+599
  • Cayman Islands+1345
  • Central African Republic (République centrafricaine)+236
  • Chad (Tchad)+235
  • Chile+56
  • China (中国)+86
  • Christmas Island+61
  • Cocos (Keeling) Islands+61
  • Colombia+57
  • Comoros (‫جزر القمر‬‎)+269
  • Congo (DRC) (Jamhuri ya Kidemokrasia ya Kongo)+243
  • Congo (Republic) (Congo-Brazzaville)+242
  • Cook Islands+682
  • Costa Rica+506
  • Côte d’Ivoire+225
  • Croatia (Hrvatska)+385
  • Cuba+53
  • Curaçao+599
  • Cyprus (Κύπρος)+357
  • Czech Republic (Česká republika)+420
  • Denmark (Danmark)+45
  • Djibouti+253
  • Dominica+1767
  • Dominican Republic (República Dominicana)+1
  • Ecuador+593
  • Egypt (‫مصر‬‎)+20
  • El Salvador+503
  • Equatorial Guinea (Guinea Ecuatorial)+240
  • Eritrea+291
  • Estonia (Eesti)+372
  • Ethiopia+251
  • Falkland Islands (Islas Malvinas)+500
  • Faroe Islands (Føroyar)+298
  • Fiji+679
  • Finland (Suomi)+358
  • France+33
  • French Guiana (Guyane française)+594
  • French Polynesia (Polynésie française)+689
  • Gabon+241
  • Gambia+220
  • Georgia (საქართველო)+995
  • Germany (Deutschland)+49
  • Ghana (Gaana)+233
  • Gibraltar+350
  • Greece (Ελλάδα)+30
  • Greenland (Kalaallit Nunaat)+299
  • Grenada+1473
  • Guadeloupe+590
  • Guam+1671
  • Guatemala+502
  • Guernsey+44
  • Guinea (Guinée)+224
  • Guinea-Bissau (Guiné Bissau)+245
  • Guyana+592
  • Haiti+509
  • Honduras+504
  • Hong Kong (香港)+852
  • Hungary (Magyarország)+36
  • Iceland (Ísland)+354
  • India (भारत)+91
  • Indonesia+62
  • Iran (‫ایران‬‎)+98
  • Iraq (‫العراق‬‎)+964
  • Ireland+353
  • Isle of Man+44
  • Israel (‫ישראל‬‎)+972
  • Italy (Italia)+39
  • Jamaica+1
  • Japan (日本)+81
  • Jersey+44
  • Jordan (‫الأردن‬‎)+962
  • Kazakhstan (Казахстан)+7
  • Kenya+254
  • Kiribati+686
  • Kosovo+383
  • Kuwait (‫الكويت‬‎)+965
  • Kyrgyzstan (Кыргызстан)+996
  • Laos (ລາວ)+856
  • Latvia (Latvija)+371
  • Lebanon (‫لبنان‬‎)+961
  • Lesotho+266
  • Liberia+231
  • Libya (‫ليبيا‬‎)+218
  • Liechtenstein+423
  • Lithuania (Lietuva)+370
  • Luxembourg+352
  • Macau (澳門)+853
  • Macedonia (FYROM) (Македонија)+389
  • Madagascar (Madagasikara)+261
  • Malawi+265
  • Malaysia+60
  • Maldives+960
  • Mali+223
  • Malta+356
  • Marshall Islands+692
  • Martinique+596
  • Mauritania (‫موريتانيا‬‎)+222
  • Mauritius (Moris)+230
  • Mayotte+262
  • Mexico (México)+52
  • Micronesia+691
  • Moldova (Republica Moldova)+373
  • Monaco+377
  • Mongolia (Монгол)+976
  • Montenegro (Crna Gora)+382
  • Montserrat+1664
  • Morocco (‫المغرب‬‎)+212
  • Mozambique (Moçambique)+258
  • Myanmar (Burma) (မြန်မာ)+95
  • Namibia (Namibië)+264
  • Nauru+674
  • Nepal (नेपाल)+977
  • Netherlands (Nederland)+31
  • New Caledonia (Nouvelle-Calédonie)+687
  • New Zealand+64
  • Nicaragua+505
  • Niger (Nijar)+227
  • Nigeria+234
  • Niue+683
  • Norfolk Island+672
  • North Korea (조선 민주주의 인민 공화국)+850
  • Northern Mariana Islands+1670
  • Norway (Norge)+47
  • Oman (‫عُمان‬‎)+968
  • Pakistan (‫پاکستان‬‎)+92
  • Palau+680
  • Palestine (‫فلسطين‬‎)+970
  • Panama (Panamá)+507
  • Papua New Guinea+675
  • Paraguay+595
  • Peru (Perú)+51
  • Philippines+63
  • Poland (Polska)+48
  • Portugal+351
  • Puerto Rico+1
  • Qatar (‫قطر‬‎)+974
  • Réunion (La Réunion)+262
  • Romania (România)+40
  • Russia (Россия)+7
  • Rwanda+250
  • Saint Barthélemy+590
  • Saint Helena+290
  • Saint Kitts and Nevis+1869
  • Saint Lucia+1758
  • Saint Martin (Saint-Martin (partie française))+590
  • Saint Pierre and Miquelon (Saint-Pierre-et-Miquelon)+508
  • Saint Vincent and the Grenadines+1784
  • Samoa+685
  • San Marino+378
  • São Tomé and Príncipe (São Tomé e Príncipe)+239
  • Saudi Arabia (‫المملكة العربية السعودية‬‎)+966
  • Senegal (Sénégal)+221
  • Serbia (Србија)+381
  • Seychelles+248
  • Sierra Leone+232
  • Singapore+65
  • Sint Maarten+1721
  • Slovakia (Slovensko)+421
  • Slovenia (Slovenija)+386
  • Solomon Islands+677
  • Somalia (Soomaaliya)+252
  • South Africa+27
  • South Korea (대한민국)+82
  • South Sudan (‫جنوب السودان‬‎)+211
  • Spain (España)+34
  • Sri Lanka (ශ්‍රී ලංකාව)+94
  • Sudan (‫السودان‬‎)+249
  • Suriname+597
  • Svalbard and Jan Mayen+47
  • Swaziland+268
  • Sweden (Sverige)+46
  • Switzerland (Schweiz)+41
  • Syria (‫سوريا‬‎)+963
  • Taiwan (台灣)+886
  • Tajikistan+992
  • Tanzania+255
  • Thailand (ไทย)+66
  • Timor-Leste+670
  • Togo+228
  • Tokelau+690
  • Tonga+676
  • Trinidad and Tobago+1868
  • Tunisia (‫تونس‬‎)+216
  • Turkey (Türkiye)+90
  • Turkmenistan+993
  • Turks and Caicos Islands+1649
  • Tuvalu+688
  • U.S. Virgin Islands+1340
  • Uganda+256
  • Ukraine (Україна)+380
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • United Kingdom+44
  • United States+1
  • Uruguay+598
  • Uzbekistan (Oʻzbekiston)+998
  • Vanuatu+678
  • Vatican City (Città del Vaticano)+39
  • Venezuela+58
  • Vietnam (Việt Nam)+84
  • Wallis and Futuna (Wallis-et-Futuna)+681
  • Western Sahara (‫الصحراء الغربية‬‎)+212
  • Yemen (‫اليمن‬‎)+967
  • Zambia+260
  • Zimbabwe+263
  • Åland Islands+358

    Neill is a journalist from the United States with 10 years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

      Follow Thaiger by email:

      Thailand10 mins ago

      Thailand News Today | 4th vaccine booster dose now available for 10 provinces

      Indonesia29 mins ago

      At least 19 killed Indonesia’s West Papua nightclub fire

      Philippines31 mins ago

      Philippines’ Typhoon Rai destroyed 1.5 million houses in total – IFRC

      Sponsored1 day ago

      What makes Supalai Icon Sathorn the ideal property choice

      image
      Thailand35 mins ago

      Government wants to closely monitor eateries following extension of alcohol curfew

      Tourism40 mins ago

      Thailand’s Test & Go registration opens on February 1

      Thailand45 mins ago

      Thailand won’t allow entrance exam makeups, other Asian countries do

      image
      Join the conversation on the Thaiger Talk forums today!
      Travel1 hour ago

      Survival Guide: Beware of these common scams in Thailand

      Cannabis2 hours ago

      Thailand’s FDA plans “Cannabis Sandbox” entry scheme for tourists

      Thailand2 hours ago

      If pigs could fly: Authorities tackle pork price crisis following swine fever outbreak

      Pattaya2 hours ago

      Pattaya mayor says there will be no festivals, fireworks for Chinese New Year

      Bangkok3 hours ago

      Move Forward member pushes for sex work legalisation as election campaigns heat up

      Coronavirus (Covid-19)3 hours ago

      Tuesday Covid Update: 6,718 new cases; provincial totals

      Tourism4 hours ago

      CCSA clarifies details on Test & Go, registration opens at 9am on February 1

      Property4 hours ago

      Top 5 property developers in Thailand 2022

      Thailand4 hours ago

      Ask Jay, Natty and Jett Anything! | Thaiger Unfiltered

      Thailand4 months ago

      Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

      Thailand11 months ago

      Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

      Tourism11 months ago

      Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

      Phuket11 months ago

      Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

      Tourism11 months ago

      Phuket Thai food treats you need to try | VIDEO

      Thailand11 months ago

      Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

      Tourism11 months ago

      In search of Cat & Dog Cafés in Phuket Town | VIDEO

      Thailand1 year ago

      Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

      Thailand1 year ago

      Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

      Thailand1 year ago

      Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

      Thailand1 year ago

      Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

      Thailand1 year ago

      Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

      Thailand1 year ago

      Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

      Thailand1 year ago

      Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

      Thailand1 year ago

      Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

      Trending