Thailand’s financial regulators will release rules restricting the use of cryptocurrencies as a payment mechanism.

Thailand’s financial regulators are expected to release guidance restricting the use of cryptocurrencies as a payment mechanism.

In a joint press release, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) claimed that using cryptocurrencies for payment poses a threat to Thailand’s financial industry.

Digital currencies are widely utilized as a payment mechanism, according to the groups, but regulators must prioritize consumer protection.

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