Thai banks are allowed to invest in crypto, according to the bank of Thailand

According to local news outlet Blogone, the SEC still prohibits financial institutions from engaging in financial transactions involving cryptocurrency, in other words they aren’t allowed to buy anything with the crypto they own. However, the decision to allow banks to buy and sell crypto is still a major step in the right direction.

Thailand released a regulatory framework for cryptocurrencies last month which forms part of the SEC’s wider plan to legalize domestic cryptocurrencies and ICOs, beginning with the issuance of two royal decrees in March this year.

Blogone goes on to say, aside from the obvious, the significance of this decision comes in part as it overrules a previous mandate that stated cryptocurrencies are not a legal medium of exchange, citing price fluctuations and the anonymity of the buyers and sellers as the main reasons. Now however, it appears the Bank of Thailand may be softening its stance on cryptocurrencies.

This new decree allows banks to get involved in digital assets by granting them permission to provide a cryptocurrency offering system and invest in crypto themselves. Banks are also allowed to educate customers and recommend potential cryptocurrency investments.