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Thailand Proposes Government-Backed Stablecoin for Digital Asset Boost

Coin WorldThursday, Jan 30, 2025 1:25 am ET

1min read

Thailand is considering the introduction of a stablecoin backed by government bonds to boost its digital asset market, according to a statement made by the Thai Finance Minister at a Securities and Exchange Commission meeting on Thursday. The stablecoin could be used for merchant payments and may attract investors.

The move comes as part of Thailand's broader efforts to promote digital innovation and financial inclusion. The country has been actively exploring the potential of blockchain technology and cryptocurrencies, with the Securities and Exchange Commission (SEC) playing a key role in regulating the industry.

In recent years, Thailand has seen a growing interest in digital assets, with the number of cryptocurrency exchanges and users increasing significantly. The introduction of a stablecoin could further stimulate this growth and provide a more stable and secure option for investors and merchants.

The Thai government has been working on developing a regulatory framework for initial coin offerings (ICOs) and cryptocurrencies, with the aim of protecting investors and promoting transparency. The introduction of a stablecoin could be seen as a step towards achieving these goals.

However, the Thai government has also expressed concerns about the potential risks associated with cryptocurrencies, such as market volatility and the lack of consumer protection. The introduction of a stablecoin could help mitigate these risks by providing a more stable and secure option for investors and merchants.

The Thai government is expected to provide more details on the stablecoin project in the coming months. The move could have significant implications for the digital asset market in Thailand and the broader region, as other countries consider similar initiatives to promote digital innovation and financial inclusion.

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