Deeming bitcoin illegal in Thailand will turn it into a bitcoin black market
On the surface, everyone knew that it would happen. Some country seeking to control capital would undoubtedly ban or rule illegal a decentralized currency like bitcoin. Now it has happened, but from an unexpected place. A baffling decision by Thailand. If you would have made a guess a week ago about the first country to ban bitcoin, would Thailand even have been in the top five? The top ten? There are a number of autocratic countries in the world that many could have seen doing something like this, but Thailand's decision came seemingly out of nowhere. One of the tenets that Satoshi....
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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....
A Thai bitcoin exchange has suspended trading alleging that the Bank of Thailand has declared the cryptocurrency illegal, throwing the community into heated debate. Bitcoin Co Ltd, a Thai exchange, posted a note on its website saying that the Bank of Thailand held a conference earlier today to discuss the exchange's business operations. "At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following....
Thailand’s central bank has declared a stablecoin pegged to the Thai Baht illegal, citing violation of the country’s currency law. The Bank of Thailand (BOT) is currently working on a regulatory framework for stablecoins. Thailand Bans Baht-Pegged Stablecoin The Bank of Thailand, the country’s central bank, issued a press release Wednesday declaring a stablecoin called the Thai Baht Digital (THT) illegal. “It has come to the BOT’s attention that a new stablecoin, THT, has been created abroad on the Terra platform. One unit of THT is denominated in and valued....
The Bitcoin scaling debate affects some businesses more than others, but few real-world businesses have the volume to watch Bitcoin’s momentum react to it like the tourist hotspot, the Pattaya Beer Garden. Bitcoin.com discussed adoption trends in Thailand with Peter Noid, the proprietor of this large and popular restaurant and bar located in Pattaya, a....
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....