Thailand's financial authorities plan to use cryptocurrency as a means of payment, despite fears that the use of digital currency could jeopardize the country's financial sector. According to Yahoo Finance.
Three institutions, including the Central Bank, the Securities and Exchange Commission and the Thai Ministry of Finance, issued a joint statement saying that the digital assets of business operators have expanded their businesses to support or provide services related to the use of digital assets as a means. For payment of goods and services.
In fact, the use of digital assets as a means of payment as well as investing in the digital money market can put businesses and individuals at risk through theft, personal information leaks and money laundering. That is why law enforcement in Thailand has put in place strict measures to regulate digital assets.
To reduce risks to the financial sector in the country, the Bank of Thailand has announced its position to introduce the Central Bank Digital Banking (CBDC) during the second quarter of 2022.
As the cryptocurrency market in Thailand grows, with both retail and real estate developers embracing digital assets, the introduction of digital currency in the country is a priority.
The growth of the digital money market, combined with the launch of its own digital coin project, The TAT Coin, has prompted the Thai government to consider a 15% capital gain tax on the profits of digital money trading.
According to a source from the Thai Ministry of Finance, all taxpayers who benefit from digital money, including investors and digital money miners, are required to pay a 15% tax deduction.
