The rewards (and risks) of Thailand’s big bet on cryptocurrency

Physical bitcoin coin

A Physical bitcoin coin. Image: Antana.

As more people and businesses invest in digital currencies, the Bank of Thailand (BOT) faces the delicate task of trying to balance financial stability and investor protection on the one hand while promoting innovation in financial services on the other.

Determined to push ahead, the BOT began piloting its own prototype digital currency scheme last year.

A national currency, like the baht, has three functions in an economy: the medium of exchange, unit of account and store of value.

Digital currencies, in contrast, fail to fully meet these three functions, largely because their price is so volatile.

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By Thai PBS World

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