The Bank of Thailand is warning people to refrain from participating in any activities involving Thai Baht Digital (THT), as there are no legal assurances or protection with it and users could be at risk of cyber-theft or money laundering.
BOT assistant governor Pruettipong Srimachand said any activities involving the new stablecoin THT that was created abroad on the Terra platform are considered illegal. The creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958.
He said although THT is not used as a medium of exchange, it could cause fragmentation of the Thai currency system should THT or other stablecoins come to replace, substitute or compete with baht issued by the central bank.
Mr Pruettipong said such usage would ultimately affect the general public’s confidence in the stability of the national currency system, which is the cornerstone of all economic activities. (NNT)
