![Bank Run In Thailand - Luckily Bitcoin Was Just Confirmed As Legal There [Local View Update]](maxthumb/wider1.jpg)
Bank Run In Thailand - Luckily Bitcoin Was Just Confirmed As Legal There [Local View Update]
The Bangkok Post today carries disturbing news out of Thailand: Deposit flight hits state-run bank. Panicked by rumours of rice scheme lending, GSB customers are pulling out their money in droves. The Government Savings Bank (GSB) is a bank under the management of the Thai government since 1929, when it was known as the Savings Office. It has 930 branches across Thailand. Customers outside Thailand's GSB. Bank Run in Progress. Accoding to the bank's president, GSB customers have withdrawn 30 billion Baht (around 1612903 BTC or 1 billion USD) in a single day. These mass withdrawals are due....
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Thailand-based bitcoin exchange Bitcoin Co LTD has formally resumed services after receiving a letter on 31st January from the Bank of Thailand (BoT) clearing the company for bitcoin trading. BoT officials had previously stated that such activity was illegal under Thai law, an announcement that forced Bitcoin Co LTD to reposition itself as a bitcoin mining equipment reseller. David Barnes, managing director of Bitcoin Co LTD, confirmed the news to CoinDesk, saying that the company restarted exchange services on 15th February: "After we received an update from the Bank of Thailand, we....
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....
Just five days following circulating reports that Thailand allegedly changed its mind on bitcoin, we're learning that their view on bitcoin may just have been misinterpreted. It started when Thailand's largest bitcoin exchange, Bitcoin Co. Ltd., sent a letter to the Bank of Thailand for clarity on regulation. The response indicated that the bitcoin exchange's operation did not fall under the regulation of the Ministry of Finance. As such, the exchange opened their doors to trading. But an official at the central bank has come forth and denied the exchange's claims, noting that it has....
Bitcoin trading has resumed in Thailand. Photo via Doug88888. The last piece of Bitcoin news that people probably remember getting out of Thailand was when everyone thought they were the first country to ban the cryptocurrency. Although the official statement from the Foreign Exchange Administration was not actually a ban on the cryptocurrency, many people around the world understood that the statement about illicit activities related to Bitcoin was probably not good. It seems that regulation in Thailand is about to move in the opposite direction as the Bank of Thailand decided the....
Coins has launched its second bitcoin startup in Southeast Asia with the formal opening of Coins.co.th in Thailand. The startup has been exchanging baht and bitcoin in Thailand since its soft launch in June, when it received its e-commerce registration from the Huay Khwang District Office. Jaturong Jantarangs, the Bank of Thailand's senior director of the payment systems policy department, recently told the Bangkok Post that trading bitcoins for baht does not require approval or a license from the country's central bank. As such, Coins claims that its new exchange is now "fully legal"....