BOT:It's a must to regulate digital money

BANGKOK, May 25 (TNA) - The Bank of Thailand (BOT) has insisted on its need to regulate cryptocurrency and Fintech in order to maintain the country's financial stability and to protect people from falling into victims of cyber scams. BOT Governor Veerathai Santiprabhob spoke of the central bank's policy while delivering a speech at the Symposium Thailand 4.0, themed “Fintech & Cryptocurrency vs. Law Enforcement”, organized in Bangkok on May 24. Veerathai pointed out that cryptocurrency and Fintech on the cyber world has led to a borderless financial system, making the official regulation more difficult. "If authorities are unable to keep pace with the changing situation due to the emerging digital money, there could be adverse effects on the Thai financial system, including a disruption in national economic activities and growth", the BOT governor explained. According to the BOT governor, it is, thus, a "must" that the central bank regulates the expanding use, trade and investment of the digital money to not only maintain the national financial stability and cyber security, but also protect the public from falling into victims of unlawful scams, including those related to money laundering and ponzi schemes. The BOT governor noted, however, that the official regulation on cryptocurrency and Fintech is to be in line with risk management regualtions and to be at an appropriate level to effectively sustain the stability of the national financial system, but not to unreasonably limit the digital money trade and investment. (TNA)