Thailand bans using Bitcoin in any way, local startup reports


A Bitcoin startup based in Thailand now says that it has suspended all operations  because the Bank of Thailand has effectively banned bitcoins in the southeast Asian country. As Bitcoin Co. Ltd. reports: 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 Bitcoin activities are illegal in Thailand: – Buying bitcoins – Selling bitcoins – Buying any goods or services in exchange for bitcoins – Selling any goods or services for bitcoins – Sending bitcoins to anyone located outside of Thailand – Receiving bitcoins from anyone located outside of Thailand This appears to be the first time that any country has outright banned the digital crypto currency . Further, it remains unclear exactly how Thailand would even enforce such a ban. Ars has been unable to confirm the ban with the Bank of Thailand , when this ban goes into effect, and how this decision came about. Bank representatives did not immediately respond to Ars’ request for comment. Read 1 remaining paragraphs | Comments        

Continue reading here:
Thailand bans using Bitcoin in any way, local startup reports


Please enter your comment!
Please enter your name here


This site uses Akismet to reduce spam. Learn how your comment data is processed.