The Democrat Party supports the Bank of Thailand’s issuance of a “Baht Stablecoin” to safeguard financial sovereignty. They propose four recommendations to encourage open competition, accommodate AI transactions, and suggest government pilot projects using it to control donations and aid payments to enhance transparency.
On 12 Nov 2026 GMT+7, the Democrat Party, led by Korn Chatikavanij, former Finance Minister, along with party deputy leaders Kadee Liaopairoj and Radklao Intawong Suwankiri, and energy economy committee member Trirat Sirichantaropas, held a press conference to officially present their views to the Bank of Thailand (BoT). They supported the issuance of a cryptocurrency pegged to the Thai baht, called Baht Stablecoin, ahead of BoT’s public consultation closing on 17 Nov 2026 GMT+7. They emphasized this innovation as a key step to maintain the country’s financial sovereignty and elevate Thailand’s economic infrastructure in the future.
Korn revealed that Thailand currently has a modern payment system, PromptPay, with 80 million user accounts in a population of 70 million. However, in digital assets, over 60% of Thai digital asset trading involves holding U.S. dollar-denominated stablecoins (such as USDT) for cross-border transfers and payments due to their low cost and 24-hour availability. Without its own Baht Stablecoin, Thailand risks increasing dependence on the U.S. dollar, which could eventually lead to loss of financial sovereignty.
Korn also pointed out a near-future megatrend where artificial intelligence (AI) will move beyond information search to decision-making and directly conducting payments, such as booking and depositing hotels. The most suitable and transparent payment system for AI transactions is a blockchain-based digital currency like a Stablecoin. The Democrat Party submitted four key proposals to the BoT to guide regulatory frameworks, including:
1. Open fair competition: Issuers and digital wallet providers should not be limited to large capital groups or traditional commercial banks but allow new players to compete under appropriate safety regulations.
2. Set clear primary objectives: The BoT should clearly communicate that Baht Stablecoin’s main goal is to facilitate and reduce costs for payments and cross-border transfers, especially benefiting citizens and Thai workers abroad.
3. Prepare for AI economy: Build digital currency infrastructure ready to connect with AI systems to prevent Thai businesses from losing competitive opportunities.
4. Integrate with the Securities and Exchange Commission (SEC): The BoT must coordinate with the SEC to ensure Baht Stablecoin can legally be used in transactions involving other digital assets.
“Kadee” suggests using it to oversee donations.
Kadee Liaopairoj, Democrat Party deputy leader, added from her fintech startup experience and linked this to the party’s urgent motion on reforming foundation donation oversight. She proposed four additional approaches to maximize benefits:
1. Pilot public use cases: Recommend the government lead by using Baht Stablecoin for “donations” and “state aid” payments. Its traceability and programmable money features, like restricting aid funds to essential goods only, would thoroughly address transparency issues and prevent donation fraud.
2. Set clear liberalization timelines and risk-based controls: Current draft rules limit the number of issuers. They suggest specifying clear timelines to open market entry, stimulate innovation, and apply risk-based regulatory frameworks tailored to business levels instead of one-size-fits-all rules.
3. Promote new business models: Enable real-world asset tokenization and allow the private sector to create incentives for holders, such as loyalty programs, to compensate for stablecoins’ inability to pay interest.
4. Establish good governance: Develop balanced regulatory systems so technology can be widely used safely with public participation.