World Bank supports continued government economic stimulus BANGKOK (NNT) – The World Bank has encouraged the Thai government to continue its economic stimulus measures with a focus on businesses directly impacted by the COVID-19 pandemic such as those in the tourism sector. Senior country economist of the World Bank for Thailand Kiatipong Ariyapruchya has noted…
Thai Central Bank Outlines Plans for Digital Baht The Bank of Thailand, the country’s central bank, published today guidance detailing its views. In brief The Bank of Thailand splits stablecoins into two: baht-backed and others. There’s room to influence policy-making for the Thai crypto industry as the bank also announced it’s seeking input. The Bank…
Bank of Thailand warns against illegal baht-backed stablecoin Thailand’s central bank is warning the public against using a stablecoin that purports to be backed by the country’s sovereign currency. The regulator claims that the stablecoin exposes the users to such risks as money laundering and cybercrimes. The Bank of Thailand (BoT) issued the warning against…
Thailand’s central bank planning to regulate stablecoins this year The growth of cryptocurrencies over the past couple of years has pushed many countries towards stricter regulations, while some have moved to ban the asset class altogether. Thailand is one of the former countries, with the nation-state weighing the pros and cons of cryptos and stablecoins…
Thai Central Bank Warns against Baht-Denominated Stablecoin Private issuance of any monetary alternative violates the country’s currency act. The Bank of Thailand (BoT) has issued a warning on Wednesday against Thai Baht Digital (THT), a baht-denominated stablecoin, and asked the public not to make any sort of investment in it. The central bank raised alarm…
DLT Provides App for Annual Car Tax Payment BANGKOK (NNT) – The Department of Land Transport (DLT) has urged motorists to pay their yearly vehicle tax via the department’s smartphone app in order to curb the spread of Covid-19. Department deputy director-general Yongyut Nakdaeng said the tax sticker and receipt will be sent by mail within…
Thai consumers are the most focused on financial health in ASEAN BANGKOK (NNT) – More Thai consumers are prioritizing financial health during the COVID-19 pandemic compared with their ASEAN counterparts. According to the UOB ASEAN Consumer Sentiment Study 2020, 3 in 4 Thai consumers (72%) want to manage their financial health, ahead of respondents in Malaysia…
Krungthai Bank sees e-banking growth from gov’t COVID-19 measures BANGKOK (NNT) – Krungthai Bank has reported a jump in e-banking platform users, thanks to the government’s COVID-19 aid measures which familiarized the general public with electronic transactions via a mobile e-wallet application developed by the bank. Krungthai Bank Executive Director Krisada Chinavicharana disclosed today the…
China, UAE join Thailand and HK in central bank digital currency project BANGKOK – China and the United Arab Emirates have joined the cross-border digital transaction scheme named Project Inthanon-LionRock, which is a joint project between the Bank of Thailand (BOT) and the Hong Kong Monetary Authority (HKMA). The central bank digital currency (CBDC) project has…