Thailand to ban cryptocurrency as a payment method from April

[midian182]

What just happened? While cryptocurrency continues to see more widespread adoption, not every country embraces the likes of Bitcoin and Ethereum. Thailand, for example, will ban the use of digital assets for the payment of goods and services as of April 1.

The move follows earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) over the need to regulate such activity by digital asset business operators as it could impact the country's financial stability and economy, writes the SEC.

The SEC added that digital asset business operators, including crypto exchanges, would have 30 days to comply with the new rules from the effective date. In addition to not providing the services, businesses are also barred from encouraging or promoting the use of digital assets to pay for goods or services.

The good news for crypto fans in Thailand is that the restrictions don't extend as far as China's. The SEC confirmed that the rules would not affect trading or investments in digital assets.

The regulator writes that its decision took into account the inherent risks associated with cryptocurrencies, including its volatile price, the potential for hacking and personal data exposure, and it being used for money laundering.

Blockchain.News reports that Thailand in January said it was already planning to regulate the use of cryptocurrencies, which have become increasingly popular in the wake of the country's economic slowdown. Neighboring Indonesia, meanwhile, has warned businesses not to offer and facilitate crypto sales following an increase in its usage.

Despite the country's long intention to ban it as a payment method, Thailand is reportedly considering allowing Russian and Ukrainian tourists to pay with crypto after Mastercard and Visa suspended the use of Russian cards abroad due to international sanctions.

Bitcoin's price has dropped by around $1,000 since its peak yesterday but remains at a near three-week high.

Image credit: Rodnae Productions

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https://www.techspot.com/news/93892-thailand-ban-cryptocurrency-payment-method-april.html

 

[QuantumPhysics]

Excellent move Thailand.

I was reading an article this morning in fact about Bitcoin and Crypto interest waning (by Brian Sozzi)

I've been to Bangkok recently. I found it easiest to simply pay for everything with a credit card, thereby creating receipts for my CPA to write off. If someone was truly worried about anonymity, there exists prepay debit cards.

Considering the transaction fees of crypto continue to grow, I see absolutely no reason to bother with it at all.

 

[Squid Surprise]

The less democratic a nation, the more prone to banning crypto... anyone see the flaw in this?

The more authoritarian your government, the harder it is to maintain control if your citizens aren't tied to your local currency.

Hopefully, people will learn from this and keep crypto going

 

[Uncle Al]

I would suggest that those that favor crypto take some time and read their history of the US Govt.'s record on banking and currency stability prior to the creation of the Federal Reserve Bank system. While FRB isn't without it's own flaws, the stability of the dollar increased one hundred fold and the rash of sudden bank closings due to massive currency fluctuations ended. It is doubtful that crypto will ever be able to make such a boast .....

 

[Squid Surprise]

I would suggest that those that favor crypto take some time and read their history of the US Govt.'s record on banking and currency stability prior to the creation of the Federal Reserve Bank system. While FRB isn't without it's own flaws, the stability of the dollar increased one hundred fold and the rash of sudden bank closings due to massive currency fluctuations ended. It is doubtful that crypto will ever be able to make such a boast .....

So you are suggesting that crypto won't be able to make allowances for volatility? Especially as it is FAR more suited to adaptability since it doesn't need to wait for painfully long governmental decisions to alter their priniciples?

 

[mgilbert]

May the rest of the world follow, and put an end to this "money for nothing" Ponzi scheme...

 

[QuantumPhysics]

May the rest of the world follow, and put an end to this "money for nothing" Ponzi scheme...

How do I give you a Comment of the Year Award???

 

[mgilbert]

How do I give you a Comment of the Year Award???

You just did. Thanks!

 

[emmzo]

Excellent move Thailand.

I was reading an article this morning in fact about Bitcoin and Crypto interest waning (by Brian Sozzi)

I've been to Bangkok recently. I found it easiest to simply pay for everything with a credit card, thereby creating receipts for my CPA to write off. If someone was truly worried about anonymity, there exists prepay debit cards.

Considering the transaction fees of crypto continue to grow, I see absolutely no reason to bother with it at all.

I'm surprised of your comment, your favorite country Russia wholeheartedly supports crypto. Well done, comrade!

 

[VaRmeNsI]

Irrelevant country makes irrelevant decision...

 

[kapital98]

I live in Bangkok. Crypto is HUGE right now. There are billboards all across the city for the top crypto markets.

Thailand is a country where the rules are commonly flouted. I mean, pornography and prostitution are illegal. In Bangkok...

But, in day-to-day life, the rules are only nominally followed. With the occasional "crackdown" to give the pretense of the government being serious about regulations.

 

[Slappy McPhee]

I would suggest that those that favor crypto take some time and read their history of the US Govt.'s record on banking and currency stability prior to the creation of the Federal Reserve Bank system. While FRB isn't without it's own flaws, the stability of the dollar increased one hundred fold and the rash of sudden bank closings due to massive currency fluctuations ended. It is doubtful that crypto will ever be able to make such a boast .....

There is NOTHING backing the money they continue to arbitrarily print. Look at our deficit yet we just approved another 800 million in aid to the Ukraine. Come on now. Be realistic. Its a complete sh1t show all the way around. The financial systems are circling the drain and have been for the last 20ish years.

 

[Bl00dyMinded]

In better news... The official Sponsor for the World Cup this year is... Crypto.com. You are welcome. Make sure to sign up for the card! Have already 4x the amount of money I started with. Now you know.

 

[QuantumPhysics]

I'm surprised of your comment, your favorite country Russia wholeheartedly supports crypto. Well done, comrade!

Russia isn't my favorite country.
I prefer China to Russia.

That said: I'm GLAD Russia is embracing crypto to try to get around sanctions because that will only hasten America and EU to pass more laws against it in order to try and maintain their strangehold on global banking.

This is CHESS - not checkers boi.

 

[itgerald]

Russia isn't my favorite country.
I prefer China to Russia.

That said: I'm GLAD Russia is embracing crypto to try to get around sanctions because that will only hasten America and EU to pass more laws against it in order to try and maintain their strangehold on global banking.

This is CHESS - not checkers boi.

China Banned all forms of Crypto and arresting, Fining and Jailing all Crypto users
Your logic, Ironic isn't it

 

[QuantumPhysics]

China Banned all forms of Crypto and arresting, Fining and Jailing all Crypto users

I agree - they're off to a great start!

 

[emmzo]

Russia isn't my favorite country.
I prefer China to Russia.

That said: I'm GLAD Russia is embracing crypto to try to get around sanctions because that will only hasten America and EU to pass more laws against it in order to try and maintain their strangehold on global banking.

This is CHESS - not checkers boi.

How delusional. America is the greatest lover of crypto, they have more crypto wallets than bank accounts. Bitcoin mining is also huge there. Trying to disturb all that will spark a revolution and neither side of the political spectrum has the balls to do it, because... elections. They will timidly raise more "concerns" and impose more light regulations, but I don't see anything, at least in the short term, not unless a big wave of volatility takes people savings away and they themselves will ask for some form of protection. They are currently trying to block individual Russian wallets or somehow monitor them, but that's the extent they're willing to go. So, in other words, the US will not touch crypto as a whole for Russia and what the US does, the EU usually follows.

 

[QuantumPhysics]

How delusional. America is the greatest lover of crypto, they have more crypto wallets than bank accounts. Bitcoin mining is also huge there. Trying to disturb all that will spark a revolution and neither side of the political spectrum has the balls to do it, because... elections. They will timidly raise more "concerns" and impose more light regulations, but I don't see anything, at least in the short term, not unless a big wave of volatility takes people savings away and they themselves will ask for some form of protection. They are currently trying to block individual Russian wallets or somehow monitor them, but that's the extent they're willing to go. So, in other words, the US will not touch crypto as a whole for Russia and what the US does, the EU usually follows.

Which branch of government are your working in?

 

[OortCloud]

Lots of discussion in Europe about banning on environmental grounds. Can't come soon enough.

 

[tellmewhy]

If a bank bankrupts you will loose all your deposits, with bitcoin there is no such problem.

If you have a lot of deposits in a bank and an employ leak that info to criminals they will kidnap you, with bitcoin there is no such problem.

If you make payments with old fashion money you pay vat (around 20%) and the receiver pays income tax (around 40%), with bitcoin there is no such problem.

If you have your deposits on a bank the government can come and take them for any reason they think, with bitcoin there is no such problem.

If you divorce you will have to pay your ex wife an amount which will be calculated from your income in old fashion money and your deposits in the bank, with bitcoin there is no such problem.

If you want make international payments with old fashion money there will be a fee and the payment will arrive after days if not stuck somewhere in the middle, with bitcoin there is no such problem.

Only blinds they can’t see the benefits of bitcoin and other cryptocurrencies over the old fashion currencies.

 

[Gars]

Did I care about bank system? - sure I do, I depend on it
How can I distant from it? - no way

So, many ppl like QF, are furious about the 'hoax' that lived more then 15 years

This will outlieve the hoax next to it called 'bank system'

Do you remember?
The bank system was invented from the tampliers, to protect the tradesman's and travelers in the roads in the very beginning of the 11 century, cos of the dangerous times - give your money to the lokal tamplier, he gives you a doc file, with his watermark, then you get your money in the next big town. Ofc, some tax is better then robbery.

From here is 'moneylender'

sry for the rant

 

[Karlos95]

May the rest of the world follow, and put an end to this "money for nothing" Ponzi scheme...

Nah, everyone is moving away from that ponzi scheme "USD"

 

[NightAntilli]

This will not avert crypto adoption in any way. Your bank and credit card providers can block your money at any given moment. People do what they have to do to survive, and what is a good alternative? Exactly. Crypto. The more they crack down on it, the more they prove its need.

 

[QuantumPhysics]

If a bank bankrupts you will loose all your deposits, with bitcoin there is no such problem.

If you have a lot of deposits in a bank and an employ leak that info to criminals they will kidnap you, with bitcoin there is no such problem.

If you make payments with old fashion money you pay vat (around 20%) and the receiver pays income tax (around 40%), with bitcoin there is no such problem.

If you have your deposits on a bank the government can come and take them for any reason they think, with bitcoin there is no such problem.

If you divorce you will have to pay your ex wife an amount which will be calculated from your income in old fashion money and your deposits in the bank, with bitcoin there is no such problem.

If you want make international payments with old fashion money there will be a fee and the payment will arrive after days if not stuck somewhere in the middle, with bitcoin there is no such problem.

Only blinds they can’t see the benefits of bitcoin and other cryptocurrencies over the old fashion currencies.

Are you saying the government can't track your assets in crypto?

Cause that's demonstrably false.

 

[Squid Surprise]

Are you saying the government can't track your assets in crypto?

Cause that's demonstrably false.

Of course they can... but it's a lot harder...