GOVERNOR OF THE BANK OF THAILAND: WITHIN 3-5 YEARS THE COUNTRY WILL NOT HAVE A NATIONAL CRYPTOCURRENCY

According to the Governor of the Bank of Thailand (BoT), Veerathai Santiprabhob, the Agency has no plans to move from cash to digital currency in the next 3-5 years. It is reported that the process of creating a digital currency by the Central Bank is not very “simple” and takes a long time because of the complex nature of the monetary system of virtual assets.

Thai citizens should be patient, waiting for the emergence of the national digital currency issued by the Central Bank of the country. Veeratai Santiprabhob, Governor of the Central Bank of Thailand noted that, despite significant progress in the creation of national digital assets in some developed countries, within half of the next decade to repeat the success in this direction in developing countries will be much difficult.

Although the Bank of Thailand has not announced any plans to create a national cryptocurrency, the organization announced three months of research to create a digital currency intended for use in financial institutions to regulate interbank payments and cross-border transfers. The Central Bank of Thailand also plans to use blockchain technology in various business processes, such as document authentication and supply chain financing.

Recall that in July, Thai regulators finally formulated their position on the regulation of ICO and cryptocurrency-related activities. According to the SEC regulation, all corporate players, including ICO projects, are required to register with the SEC within 90 days. Also, market participants must obtain approval to conduct activities related to digital assets in the Ministry of Finance.