BOT mulls digital money
The Bank of Thailand has studied whether it should use a digital currency for financial transactions between central bank and commercial banks, according to Veerathai Santiprabhob, central bank governor.
“If the Bank of Thailand issues digital currency, it will be used between the BOT and commercial banks, it would not be applied to the general public right away,” he said.
So far, the bank of Thailand has not yet legalised any digital or cryptocurrency.
“But we don’t prohibit people from using it but they should understand the associated risks,” he warned.
At this moment, private cryptocurrencies, such as Bitcoin, are not fit to be a medium for financial transactions for the general public, Veerathai said. This is because the value of cryptocurrencies has swung wildly and there is no trustworthy institution behind the cryptocurrencies, he added.
People’s Bank of China, a |central bank, has been testing use |of a digital currency between |it and commercial banks.
