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Thai Rath Edition

7 Dec 2021 6:27 a.m.

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Last week, the movements in the digital asset and crypto-currency circles.

Considered to be very active.

The special event was the launch of Bitkub M Co., Ltd., a joint venture company between Bitkub Capital Group Holding and The Mall Group.

It is the first and important step for a conservative retail giant like The Mall into the digital asset world.

The mall will also start accepting payments for goods and services through 7 cryptocurrencies: BITCOIN, TETHER, ETHEREUM, STELLAR, XRP, BITKUB COIN and JFIN COIN, which can be redeemed for merchandise or gift vouchers.

It started on December 1, 2021 in the past.

Similar to the Siam Piwat Group Co., Ltd., the management of the Siam Paragon Shopping Center.

Siam Center

Siam Discovery, ICONSIAM and Siam Premium Outlets Bangkok have announced a collaboration with Exspring Capital Public Company Limited to study digital assets that will complement and enhance the Siam Group's ecosystem. to be strong and perfect

The shift of Thai retail giants into digital asset circles

It is proof that digital money

This includes cryptocurrencies.

moving closer to a wider range of consumers every now and then

However, central banks around the world, even if "

cryptographic Kerr Red Sea

" will be brought forth for 12 years since the advent of the "bits Coyne" in 2552, but most central banks in the world.

Not yet confirmed

“Cryptocurrency” is legal money.

with some central banks only

that allow it to be legally used to pay for goods and services

But it is not considered a “currency”.

In view of the Bank of Thailand (BOT), the BOT is one of the world's central banks that has repeatedly insisted that it does not recognize "cryptocurrency" as a currency.

or money that can be paid legally

In the past, the Bank of Thailand will avoid paying attention to or regulating cryptocurrencies.

Let it be the main duty of the Securities and Exchange Commission (SEC).

However, during the past

The Bank of Thailand has periodically warned of the risks of investing in cryptocurrencies.

both the risk of holding

Very high volatility of today's prices, prices may go up to very high.

and plummeted rapidly in a short period of time

Including the opportunity to be stolen from the cyber world, causing the loss of assets

or being used as a tool of money laundering

People involved or invested

need to study to gain comprehensive knowledge

If the investment is damaged

It is difficult to help.

or holding someone's hand

because there is no intermediary to take care of such digital assets

and most recently when found

Digital assets have begun to be used as a medium for payment of goods and services.

and is expected to increase in the next period

Payment Systems Policy and Financial Technology Group, the BOT therefore issued a statement, reiterating that the BOT does not support the use of digital assets to pay for goods and services.

and if in the next phase

Digital assets are increasingly used for payment of goods and services.

It may affect the stability of the payment system.

the country's financial stability

The view is consistent with regulators in countries such as the UK, the European Union, South Korea and Malaysia, with some countries restricting the use of digital assets primarily in the sphere for investment, such as Indonesia and Vietnam, while others are pending. proper supervision

However, the Bank of Thailand acknowledges that the “digital money” trend is another trend that must arise and grow in the future financial world.

due to use

“Digital money” will reduce the cost of having an intermediary for various types of financial transactions.

and create financial innovations

including high-tech financial products that are more beneficial to people than at present

And there must be a large number of goods that go into accepting payments with cryptocurrencies or cryptocurrencies.

In the past, the Bank of Thailand has tried to create

“Digital money” of the Bank of Thailand and may use the name “

Thai baht digital

” in the form of Stable Coin or “cryptocurrency with assets backed equal to the amount of value” which is different from cryptocurrencies.

which has no backing assets

but the same thing is

can be used to continue financial innovations, however, “Thai baht digital” is still in the early stages of the experiment.

Although it doesn't seem to keep up with the leaping popularity of digital assets among the new generation, the BOT is working with the SEC and related agencies.

Find a regulatory model for the service of payment of goods and services with digital assets.

to enable the use of technology to develop financial innovations

Efficient, safe and Thai people do not have to be a victim.

Praon Noppakhun


Supika Yimlamai

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