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Central bank says it is drafting regulations to control digital currencies 

Written by Thailand News

The Bank of Thailand (BOT) says it is now working on drafting a regulation to govern and to control cryptocurrencies so that it won’t be used to launder money.

Central bank governor Veerathai Santiprabhob said after a meeting of officials from four state agencies on Thursday (March 8) to conclude policies governing digital currencies that the regulation is expected to be finished in one month.

Mr Veerathai said that authorities were reviewing the Securities and Exchange Commissions law on how it could work to control the digital currencies.

He said that Deputy Prime Minister Somkid Jatusripitak wanted results within one month.

The BOT governor admitted that interest in cryptocurrencies had increased but it still was not so widespread as to have a direct impact on the stability of national monetary system.

This was because the majority of investment in cryptocurrencies was from individual investors, he said.

But as regulation on cryptocurrencies is still in the drafting process, relevant agencies must employ their own statutes to regulate these currencies as best as they can, he said.

Mr Veerathai stated that laws governing cryptocurrencies must be able to safeguard private investors from having their personal information hacked and must be able to put in place mechanisms to prevent manipulation.

Other concerns to consider include preventing cryptocurrencies from being used to launder money, to facilitate tax evasion and employed as Ponzi schemes, he added.

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