ME News reports that on June 29 (UTC+8), Bank of Thailand Governor Vitai Ratanakorn stated at the “Capital with Purpose” conference hosted by efinanceThai that the central bank is advancing a Thai baht-backed stablecoin initiative and plans to hold a public hearing on the proposal this year. Vitai outlined initial strict requirements: the relevant stablecoins must be fully backed 1:1 by Thai baht reserves; in the first phase, the central bank intends to permit their use solely for settlement purposes by financial institutions, with other use cases to be evaluated in subsequent phases. Vitai also reaffirmed that personal QR code payments within Thailand must be conducted in Thai baht; personal QR code transfers denominated in renminbi on platforms such as Alipay and WeChat Pay are not permitted in the Thai market. The central bank is coordinating with platform operators to review transactions and identify violations. Between February 2025 and May 2026, regulators have suspended approximately 5,000 accounts used for Alipay and WeChat Pay renminbi peer-to-peer transfers. He warned that regulated payment service providers may only process transactions in Thai baht; violations may result in corrective actions, fines, suspension of operations, or revocation of licenses. Regarding the growing number of institutions offering foreign exchange trading services to retail investors, Vitai stated that the central bank has no policy of issuing licenses for speculative foreign exchange trading activities. Providing transfer or settlement services for such transactions—whether domestic or cross-border—may violate Thailand’s Foreign Exchange Control Act of 1942, with penalties of up to 200,000 THB in fines and/or three years’ imprisonment. Individuals or entities promoting or advertising speculative foreign exchange trading may also face charges under the Emergency Decree on Fraudulent Lending of 1984, carrying penalties of five to ten years’ imprisonment, fines of 500,000 to 1,000,000 THB, and additional daily fines of up to 10,000 THB for ongoing violations. (Source: Foresight News)
The Thai Central Bank to Hold Public Hearing on the Proposal for a Baht-Backed Stablecoin
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Summary
The Bank of Thailand (BOT) will hold a public hearing this year on its regulatory framework for a baht-backed stablecoin. BOT Governor Vitai Ratanakorn stated that the stablecoin will initially maintain 1:1 baht reserves and be restricted to financial institution settlements. Personal QR payments must be conducted in baht, and cross-border RMB transfers via Alipay and WeChat are prohibited. Over 5,000 RMB peer-to-peer accounts were suspended from February 2025 to May 2026. Vitai warned that foreign exchange trading services may violate Thai law, potentially resulting in fines or imprisonment. Risk-on assets remain under close regulatory scrutiny.
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