Thailand Doesn’t Prohibit Crypto Use for Payments but Warns of Price Fluctuation
Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation. Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week. He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrency with the Thai....
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Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services” on Thursday. The notice explains that some enterprises have recently begun soliciting payments for goods and services in cryptocurrencies, naming bitcoin (BTC) and ether (ETH) as....
Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims.
Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand
Thailand’s Securities and Exchange Commission (SEC) has approved new requirements for crypto ads, Bloomberg and Reuters reported quoting the regulator. According to a statement released on Thursday, the changes come after the....
Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider the country’s current payment system efficient and insist cryptos would only bring risks for the financial system, economy, people and businesses.
Thailand SEC Issues Regulations Limiting Use of Digital Assets for Payments
Financial regulators in Thailand are taking steps to prevent the use of cryptocurrencies in payments for goods and services, citing various financial and economic threats. On Wednesday, the country’s Securities and Exchange....
Bank of Thailand warns people against Bitcoin, saying it is electronic data and shouldn't be used as a currency. In the long list of countries shedding their light upon Bitcoin, Thailand seems to be one of the countries that doesn't know whether it should love or hate the virtual currency. Last month, the Bank of Thailand allowed the country's largest Bitcoin exchange site to resume operations. Bitcoin.co.th was forced to shut down in August last year, after Bank of Thailand ruled that the using and trading of cryptocurrencies was illegal. In February this year, the exchange was allowed to....
If you don't want to get sucked into a scam, subject your funds to cyber attack or lose value to currency fluctuation, the Connecticut Better Business Bureau warns you to be wary of bitcoin. The bureau has released a warning to businesses, investors and consumers about using virtual currency. It warns virtual currency is subject to minimal regulation, is susceptible to cyber attacks and is not backed by any government. It warns that con artists are hawking investment swindles with it. Hundreds of thousands of merchants, including major retailers, now accept bitcoin, the bureau notes in its....