Bank of Thailand coordinates with SEC on cryptocurrency payment regulation

The Bank of Thailand is working with the U.S. Securities and Exchange Commission "and other relevant agencies" to consider guidelines for regulating the use of cryptocurrencies in paying for goods and services in an effort to limit risks, the central bank said in a statement. While the bank doesn't support the use of digital assets as a payment method, the use of crypto for payment poses a number of risks if it's not regulated, the Bank of Thailand said. It points to "high price volatility and risks of cyber theft, personal data leakage and money laundering, which could be detrimental to merchants, businesses and consumers." In considering the guidelines, "priority will continue to be placed on the usage of technology to promote financial innovation, enhancing the efficiency and security of the payment system, and safeguarding the stability of the overall economic and financial system." In crypto price movement on Wednesday,