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Thai cenbank warns against baht-denominated stablecoin

03/17/2021 | 06:05am EDT
FILE PHOTO: FILE PHOTO:  Thailand's central bank is seen at the Bank of Thailand in Bangkok

BANGKOK (Reuters) - Thailand's central bank on Wednesday warned against use of a new baht-denominated stablecoin, THT, which it said could expose users to cyber theft and money laundering, with no legal protection.

The Bank of Thailand (BOT) in a statement said that although THT, which was created abroad on the Terra Platform, was not being used as a medium of exchange, there could be fragmentation to the Thai currency system "should THT or other similar stablecoins come to replace, substitute or compete with the baht issued by the BOT". (https://bit.ly/3tt9yFR)

This would ultimately affect the public's confidence in the stability of the Thai currency system, the BOT said.

"The general public should exercise caution and refrain from participating in any activity involving THT, as there are no legal assurances or protection, and users could also be at risk of cyber theft and money laundering," the BOT said.

(Reporting by Orathai Sriring; Editing by Martin Petty)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / THAI BAHT (EUR/THB) 0.27% 38.962 Delayed Quote.6.17%
US DOLLAR / THAI BAHT (USD/THB) 0.23% 32.897 Delayed Quote.9.71%
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