Thailand will launch a state system of payments on the blockchain

In April, the government of Thailand has introduced double taxation of transactions with cryptocurrency. Now the citizens must pay 7% value added tax (VAT) plus 15 percent of the transaction for capital gains.

The blockchain, the authorities are better. The Central Bank of Thailand announced its intention to develop a system based on a distributed registry, which will improve the speed and security of cross-border payments, as well as improve the control of supply. This writes Cointelegraph.

How to regulate cryptocurrencies. The Example Of Thailand

About using a government blockchain said the head of the Central Verata Santiprabhob during the Bloomberg ASEAN summit.

Using the blockchain for cross-border payments improve the financial relationship between Thailand and other countries, as well as increase the flexibility of financial services. The introduction of modern technologies by type of biometrics and the distributed registry will help to protect your information and reduce the scale of fraud.

Santiprabhob added that now the authorities are developing new laws that, among other things, relate to the blockchain and cryptocurrency.

The Bank of Thailand conducts regulatory reform. Our goal is to ease doing business, to provide the conditions for innovation and to ensure that our rules did not hinder competition and contributed to the increase in the value of financial services.

Thai regulator has embarked on the right path — propped operations cryptocurrency tax, the government is gradually going to introduce the free circulation of digital assets throughout the country. I hope in the same direction, and Russia.

Subscribe to our channel in the Telegram, and Russia allowed to trade cryptocurrency.

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