The politicians in the country believe that the current regulation of digital money is not enough to keep pace with the development of the industry and protect users from intruders. Vice Prime Minister of Thailand Wissanu Krea-ngam urged to control cryptocurrency more strictly, reports Bangkok Post.
Despite the fact that in the country earlier this year standards were already introduced to control the digital money market, Krea-ngam is sure that new rules must be adopted both domestically and abroad. This must be done in order to have time to react to new trends in the industry and protect consumers.
Speaking at the Summit on Financing Counterterrorism, the Deputy Prime Minister said that the experts should not be satisfied with the existing security protocols, as they will not protect against criminals who use cryptocurrency to launder money and finance crime.
“The laws must be changed in the future so that we can keep up with the change and development of technology,” emphasized Kre-ngam.
Recall that in August Thailand allowed its financial institutions to deal with cryptocurrencies, but with some restrictions. Moreover, in August, the Bank of Thailand announced that it was developing its own digital money. The project is called Inthanon, its first stage should be completed by March 2019.
The financial regulator plans to use digital money for interbank transfers to improve the efficiency of the Thai financial market infrastructure. After the completion of the first stage of the project, its participants will proceed to study a wider number of functions.