Bank of Thailand bans Stablecoin Thai Baht Digital (THT)
The Central Bank of Thailand warns users of the cryptosphere about the inadmissibility of the use of THT stablecoin, provided by Thai baht
Thai Baht Digital (THT) is a popular project. The market value of this cryptocurrency is 53 billion dollars. However, in Thailand, the decision of the regulator prohibits its use.
The Central Bank's notice was issued on March 17. It says that the use of this stable cryptocurrency can undermine the Thai economy and confidence in the national fiat currency. Therefore, it is forbidden to use Thai Baht Digital (THT) staples and to participate in any activity where it is used.
The replacement for the Staplecoin is likely to be Thailand's national cryptocurrency. We are talking about a digital baht, which has been tested since 2019.
Eight banking institutions took part in the health check. It is known that the CBDC of Thailand will be used in intra-bank settlements and will not be available to the general public.
Despite this, the Central Bank believes that the national cryptocurrency and DLT technologies have a positive impact on the development of the economy. They will increase transaction flexibility and payment efficiency. That's why Thailand as a whole is crypto friendly.