bank of thailand – DIGIT INFO

HKMA Project Ensemble partners with Brazil, Thailand for tokenization

DIGIT — Mon, 28 Oct 2024 18:46:24 +0000

The Hong Kong Monetary Authority launch Project Ensemble in March and now has at least three countries participating.

Analyst: Bank of Thailand Boosts Gold Reserves to Push De-Dollarized Trading System Fueled by CBDC

DIGIT — Wed, 19 Jun 2024 01:34:02 +0000

The Bank of Thailand might be increasing its gold reserves to power a de-dollarized trading system, according to Jan Nieuwenhuijs, a gold market analyst. Nieuwenhuijs states that the Bank of Thailand’s constant gold purchases might indicate the nation is preparing to address the possible trade imbalances derived from using Mbridge, a CBDC cross-border settlement project. […]

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Bank of Thailand Tests Potential of a Retail CBDC, the Digital Baht

DIGIT — Thu, 09 May 2024 09:40:07 +0000

The Bank of Thailand (BOT) has released a report on its Retail Central Bank Digital Currency (CBDC) pilot project, conducted using Giesecke+Devrient’s (G+D) technology solution. The project tested the digital version of the Baht and its potential for financial innovation, delivering key lessons on the capabilities of a CBDC in supporting multiple online and offline […]

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Report: UAE Central Bank Implements Digital Currency Strategy

DIGIT — Wed, 29 Mar 2023 08:30:38 +0000

The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.” CBDC Strategy to Focus on Three Pillars The […]

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Report: Thai Govt to Grant Tax Waivers to Issuers of Digital Asset Investment Tokens

DIGIT — Fri, 10 Mar 2023 12:30:20 +0000

Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added tax. According to a report, the Thai government anticipates losing just over $1 billion in tax revenue as a result of the waiver. Relaxation of Tax Rules for Investments in Digital Assets Thailand-based companies […]

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Bank of Thailand Needs More Time to Complete and Launch Retail Digital Currency

DIGIT — Mon, 31 Oct 2022 08:30:19 +0000

The central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of […]

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Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets

DIGIT — Wed, 10 Aug 2022 03:30:55 +0000

Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment […]

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Thailand Doesn’t Prohibit Crypto Use for Payments but Warns of Price Fluctuation

DIGIT — Sun, 12 Dec 2021 04:00:58 +0000

Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation. Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary […]

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Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange

DIGIT — Wed, 03 Nov 2021 11:00:46 +0000

Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank. Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange Thailand’s oldest […]

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Thailand Sees Rising Adoption of Cryptocurrencies as Means of Payment — Warns of Risks

DIGIT — Sat, 10 Jul 2021 23:30:26 +0000

Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled […]

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