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Seeking Alpha 2021-12-07 16:41:04

Bank of Thailand wants banks to stop trading digital assets: Reuters

The Bank of Thailand urges commercial banks to refrain from trading digital assets, citing its risks surrounding price volatility, Reuters reports. "We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk," BOT Senior Director Chayawadee Chai-Anant told a news conference. Crypto trading and usage have gained momentum in Thailand in the past year, with merchants and real estate developers accepting cryptos as payments, Reuters notes. Still, "for digital assets, we are not afraid of everything, but there is a spectrum - most worrying are blank coins," BOT Senior Director Sakkapop Panyanukul said last week. Meanwhile, Bitcoin (BTC-USD +4.8%) and Ethereum (ETH-USD +4.4%) extend its recovery. Recall last week when the Bank of Thailand said it's working with the U.S. Securities and Exchange Commission on cryptocurrency payment regulation.

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