{"id":117418,"date":"2021-03-18T10:03:49","date_gmt":"2021-03-18T10:03:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=117418"},"modified":"2021-03-18T10:03:49","modified_gmt":"2021-03-18T10:03:49","slug":"thai-central-bank-warns-against-baht-denominated-stablecoin","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/thai-central-bank-warns-against-baht-denominated-stablecoin\/","title":{"rendered":"Thai Central Bank Warns Against Baht-Denominated Stablecoin"},"content":{"rendered":"

The Bank of Thailand (BoT) has issued a warning on Wednesday against Thai Baht Digital (THT), a baht-denominated statblecoin, and asked the public not to make any sort of investment in it.<\/span><\/p>\n

The central bank raised alarm as it is concerned over the uses of stablecoin in cybertheft and money laundering. The monetary regulator further elaborated that there will be no legal assurances or protection offered to the stablecoin investors.<\/span><\/p>\n

Though the warning specifically mentioned the THT stablecoin, it was issued for all Thai baht-denominated digital currencies. The Thai regulator detailed that THT was created outside the country on the Terra Platform. One unit of the THT is denominated in and valued at one baht.<\/span><\/p>\n

\u201cAlthough THT is currently not used as a medium of exchange, it could cause fragmentation to the Thai currency system should THT or other similar stablecoins come to replace, substitute, or compete with Baht issued by the BOT,\u201d the BoT noted.<\/span><\/p>\n

Stablecoins are Illegal<\/span><\/h2>\n

Stablecoins became popular as traders wanted to trade digital currencies, but offshore exchanges could not offer crypto-fiat pairs due to regulations. These fiat-denominated cryptos are not volatile like other cryptos and found many uses.<\/span><\/p>\n

\u201cThis would ultimately affect the general public\u2019s confidence in the stability of the national currency system, which is the cornerstone of all economic activities,\u201d the BoT added.<\/span><\/p>\n

The regulator clearly mentioned that \u2018THT is deemed illegal\u2019 as the creation, issuance, usage, or circulation of any material or token for money is in violation of the country\u2019s currency act.<\/span><\/p>\n

While stablecoins remain illegal, the Thai regulator is trying to regulate the overall cryptocurrency industry. The exchanges operating in the country already need to obtain a regulatory license, and now, the regulator is trying to bring the other regulations on crypto investors.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Thailand (BoT) has issued<\/p>\n","protected":false},"author":3,"featured_media":117417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nThai Central Bank Warns Against Baht-Denominated Stablecoin - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/thai-central-bank-warns-against-baht-denominated-stablecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thai Central Bank Warns Against Baht-Denominated Stablecoin - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The Bank of Thailand (BoT) has issued\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/thai-central-bank-warns-against-baht-denominated-stablecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-18T10:03:49+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/ccryptafotoThailand-Baht1-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/thai-central-bank-warns-against-baht-denominated-stablecoin\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/thai-central-bank-warns-against-baht-denominated-stablecoin\/\",\"name\":\"Thai Central Bank Warns Against Baht-Denominated Stablecoin - 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