Bank of Thailand issues another statement on Bitcoin
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....
Related News
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....
The Bank of Thailand (BOT) has issued a statement on bitcoin, warning consumers that it is not a currency and that its use comes with inherent risks, reports say. The statement bears similarities to others issued from central banks around the world, most recently Mexico and Germany, but could be considered an improvement in the legal status of bitcoin users, as Thailand was widely considered to have implemented a bitcoin ban in the summer of 2013. The bank stated, according to a partial translation published online: "Bitcoin is electronic data. Thus, it's not considered a currency and....
Saturday, September 27th 2014, Bitcoin Co. Ltd will be hosting a Bitcoin conference in Thailand, regardless of the country's inability to decide where they stand when it comes to cryptocurrency. Registration is free and open to the public. As if the people of Thailand needed another reason to invest in bitcoins, a few months ago there was a run on the Government Savings Bank (GSB), which is under management of the Thai government. We have fractional reserve banking to thank for this. The only thing worse than not getting your money is getting your money and it being worthless. Throughout....
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....
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....