TechSpot

Thailand completely bans use of Bitcoins in the country

By Scorpus
Jul 30, 2013
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  1. A Thailand-based Bitcoin startup has had to suspend all operations after discovering that their country has effectively banned Bitcoins completely. Bitcoin Co. Ltd. was informed by the Bank of Thailand that the Foreign Exchange Administration and Policy Department declared Bitcoin...

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  2. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 6,123   +1,523

    At least one country is treating Bitcoins the way they need to be treated.
     
  3. Yet another reason to doubt the viability of these things, this may be th first of many countries

    honestly I wouldnt invest one cent in bitcoins
     
  4. Bitcoin is not about investment, its about anonymity.
     
  5. Yea many people were/are confused, scared etc. when it comes to Bitcoins.
    However, if you had invested in it when it was new (high risk), you would be cashing out like there's no tomorrow right now (high reward). Despite what people say and feel about Bitcoins, they do have value. How the Bitcoin value is defined is another thing entirely.
     
  6. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 6,123   +1,523

    Wall Street has value for a select few as well. Everyone can't win at the game, someone has to lose for it to be successful. Gambling is the same way, ohh thats right Wall Street is gambling and so is Bitcoins.
     
  7. ypsylon

    ypsylon TS Rookie Posts: 48   +6

    They can ban all they want. There are exchanges who ask very little or no questions. Bitcoin isn't more illegal than any other currency in the world. If BTC is treated this way so such be all internal banking currencies for transactions/resource market. Those also are purely virtual, and only used by financial institutions. Can't buy single unit for personal use.
     
  8. Norgi

    Norgi TS Rookie

    I'm a little surprised about the negative tone here towards BC. The BC or any crypto-currency system is way more honest and fair than our current Private bank based economy, it is no secret that the only winners atm. are the bankers. Also BC was not banned in thailand, the bank of Thailand said that BC should be banned, what banks say is not automatically law, of course it eventually becomes the law as they are the ones who are in charge, but they are not there yet.
     


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