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regulatory frameworks as other virtual currencies. To illuminate information

pertaining to the laws and regulations governing stablecoins, it is inevitable
to comprehend the characteristics of virtual currencies and regulatory

responses in particular details.

A virtual currency is a type of digital currency that is by design

intended to be used as a means of payment. In other words, a virtual currency

is a type of currency available in electronic form. To this extent, even virtual

currencies can be used as a means of payment like fiat currencies; however,

due to its characteristics, the study found that there is a lack of clarity

amongst the relevant regulatory frameworks in terms of the legal status of
virtual currencies. In particular, virtual currencies are not considered a legal

tender under existing laws and/or regulations by any country in the world.

4.2.1.1 The Currency Act B.E. 2501 (1958)

In Thailand, in accordance with the Currency Act B.E. 2501, Section
6 of the Act stipulates that Thai currency consists of coins and notes.

Furthermore, Section 7 of the Act adds that the official unit of currency is

çBathé. Thus, this Act limited the definition of çcurrencyé under the Thai legal

system to two forms, comprising coins and notes. The Act became effective

in 1958. Around 60 years ago, at the time of its enactment, there were still
limitations in terms of the available form of money circulating in the market.

In addition, Section 9 of the Act prohibits any person from performing certain

activities in relation to money without authorisation, with exceptions granted

by the Ministry of Finance. To conclude, the Act does not recognise virtual

currency as Thai currency, and therefore it cannot be regarded as a legal

tender under Thai laws.

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