The Bank of Thailand plans to open a public consultation on a proposed digital stablecoin that would require full 1:1 backing with Thai baht reserves.
Key Takeaways:
Bank of Thailand plans to hold public hearings by late 2026 for a 1:1 baht-backed stablecoin.Regulators suspended 5,000 Alipay and Wechat Pay accounts to curb unauthorized yuan QR transfers.Speculative retail forex operations will face stiff fines under Thailand’s 1942 Exchange Control Act.Payment service providers that process transactions in unauthorized currencies face corrective measures, fines, suspensions, or the revocation of their licenses, Ratanakorn warned. Additionally, the governor clarified that the central bank will not grant licenses for retail foreign-exchange operations intended for speculative trading.
Facilitating transfers to settle speculative forex transactions may violate the Exchange Control Act of 1942, which carries penalties of up to 3 years’ imprisonment and a $6,012 (200,000 baht) fine. Furthermore, individuals who advertise or promote speculative currency trading could face fraud charges under a 1984 emergency decree, punishable by up to 10 years in prison and significant daily fines.
