Bank of Thailand Advances Thai Baht Stablecoin Plan, Plans Public Consultation by Year-End

CoinFeed June 29 news, according to Bangkok Post, Bank of Thailand (BoT) Governor Vitai Ratanakorn said that it will continue to advance the stablecoin plan pegged 1:1 to the Thai Baht (THB) and plans to launch public hearings on the relevant proposal by the end of this year. In the first phase, the stablecoin will be limited to use by financial institutions for settlement, with other scenarios to be evaluated later. BoT emphasized that the stablecoin must be fully backed by sufficient Thai Baht reserves, and reiterated that personal QR code payments must be settled in Thai Baht, prohibiting personal QR code transfers through Alipay, WeChat Pay, etc. in Renminbi. Payment institutions or accounts violating the regulations may face freezing, fines, business suspension or even license revocation.