Recent news states that The Bank of Thailand is currently trying to mandate the use of stablecoins backed by baht, Thailand’s local currency. The problem ensues as the stablecoin is being regulated without permission from The Bank of Thailand, as the circulation of said cryptocurrency opens up several possible dangers that come with the fact that it’s outside their jurisdiction.
This issue easily frames stablecoin as illegal inside Thailand. That’s why the bank has aimed to put out regulations that give out specific guidelines for baht-backed coins and also for coins backed by other fiats.
Alongside the Bank of Thailand’s attempt to somehow regulated the current stablecoins in rotation, they are also known to have tried to put out their own Central Bank Digital Currency (CBDC) and Retail Central Bank Digital Currency (RCBDC) that’s currently under Project Inthanon.
The BOT has been working with the Monetary Authority of Hong Kong to have this CBDC out sooner, allowing for easier exchange of funds between the two countries thanks to smart contracts.
India Still Maintains Harsh Stance Over Crypto
Heading over to India, a harsher take on cryptocurrencies seems to be in place. The local government is currently looking into blocking IP addresses of cryptocurrency exchanges and firms, making way to release the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. The bill more or less aims to ban all incoming cryptocurrencies to the country, with the government monopolizing the circulation by releasing their own CBDC.
The Securities and Exchange Board of India (SEBI) already warned traders to let go of the coins they currently hold, as 10 years of imprisonment face the people found guilty holding crypto once the bill comes into action. Legalities aside, VPNs are seemingly offering some glimmer of hope to help people go around the bill.
Aside from that, it also seems that the government is looking to allow several individuals to still have access to cryptocurrencies outside of the country for research purposes, as Finance Minister Nirmala Sitharaman had clarified.