Bangkok: The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has expressed its support for the Ministry of Finance and the Bank of Thailand's efforts to regulate gold trading transactions using Thai baht. This initiative aims to safeguard the value of the national currency by addressing potential vulnerabilities in gold trading practices.
According to Thai News Agency, the JSCCIB emphasizes the importance of collaboration between relevant agencies to establish a comprehensive data linkage mechanism. This mechanism would help close existing loopholes that could potentially impact the value of the baht. The committee's endorsement reflects a proactive approach to ensuring the stability of the national currency amidst fluctuating exchange rates.
Mr. Kriengkrai Thianukul, President of the Federation of Thai Industries (FTI), expressed gratitude towards the Ministry of Finance and the Bank of Thailand for their initiatives to control online gold trading transactions in Thai baht. He highlighted the necessity for agencies to work together to develop systematic mechanisms and tools for verification, data linkage, and regulatory adjustments. These steps are crucial to prevent and address loopholes in other transactions that might affect the value of the baht, such as digital asset trading.
Furthermore, it has been noted that a significant portion of digital asset trading in Thailand involves USDT, with a considerable number of foreign investors participating. The exchange rate fluctuations between USDT and the baht closely mirror those between USD and the baht, underscoring the need for regulatory measures in this area as well.