Logo of Phnom Penh Post newspaper Phnom Penh Post - Thailand may get a legal crypto payment service firm

Thailand may get a legal crypto payment service firm

Content image - Phnom Penh Post
Pawoot Pongvitayapanu, CEO of Bangkok-based online payment service provider Pay Solutions. THE NATION

Thailand may get a legal crypto payment service firm

Pay Solutions will seek approval from the Bank of Thailand (BOT) to become the first online payment service provider in the country that legally uses a cryptocurrency to pay for goods and services, its CEO said.

Pay Solutions CEO Pawoot Pongvitayapanu said his firm would seek approval to use a Stablecoin type as a means of payment for goods and services once the BOT issues regulations for using digital currencies as payment means.

The BOT currently prohibits the use of cryptocurrencies as a means of payment for goods and services for fear that their lack of stability would affect the country’s economy.

The BOT is now working with the Securities Exchange Commission (SEC) and the finance ministry on regulations for using a type of stable digital assets, such as Stablecoins, as a means of payment. Stablecoins are digital currencies designed to be less volatile than cryptocurrencies by pegging their market value to an outside asset, such as the baht.

Pawoot said the BOT would allow only digital currencies that would not cause risks to the entire economic system to be used as a means of payment, and he is confident that a Stablecoin type would be safe because it will be backed with the baht.

“So, Pay Solutions aims at becoming the first one to legally provide online payment system using a digital currency,” Pawoot said.

He said Pay Solutions would carry out a test using a Stablecoin type for payment in a closed ecosystem as a pilot project.

He said his firm is drafting details of the experiment of using a Stablecoin type to be sent to the BOT for approval.

In the initial phase, the company would use around 10 million baht ($310,000) to back a Stablecoin type and it would be used among companies in his group for making online purchases or for collecting reward points for goods deliveries from SHIPPOP.com, for example.

The experiment would come with regulations to safeguard the use. Users can pay Stablecoin from their e-Wallet registered with Metamask and the payment would be made via the blockchain system Binance Smart Chain (BSC), which is widely used globally.

The operation plan will be ready for sending to the BOT for consideration within one month, he added.

Napongthawat Photikit, director of the BOT’s Payment Systems Policy Division, said the central bank is now considering whether to allow the use of digital assets, which will not cause risks to the system, as a payment means. He said Stablecoin is considered a “non-risk” digital currency because it is pegged with real currency value.

He said the SEC is now in the process of compiling opinions on the issue after it held a public hearing on February 8 on the use of cryptocurrencies as a means of payment.



  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Newest horror film showcases unique Khmer culture, identity

    At first glance, the trailer to new horror sensation The Ritual: Black Nun looks like a western-produced feature film. As the story reveals itself to the viewers, it becomes clearer that this is a Khmer film, with a strong Cambodian identity and close links to

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the