[2022-03-23]Thailand Bans Use of Cryptocurrencies as a Method of Payment - page 2.

Lucius

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Quote from: bbc.reporter on March 25, 2022, 08:21:22 PM

How will the government of Thailand enforce the ban?

Quite simply, all legal entities are no longer allowed to accept cryptocurrencies as a means of payment, and anyone who would continue to do so would be breaking the law. Given the penalties in that country, I don't think it will occur to anyone to try to do something illegal.

Of course, this does not mean that crypto transactions in that country will stop in terms of payment for goods and services, they will only take place privately between individuals. No government can prevent the use of Bitcoin for private purposes, that is the beauty of the whole system that can continue to operate despite any ban.

bbc.reporter

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This will be a similar problem for the governments of different countries around the world. How will the government of Thailand enforce the ban? They can use fud, however, how long will the people be in fear, uncertainty and doubt? I reckon much of the people will not be in fear if they see how high the coins in the cryptospace can pump hehehehe.

zasad@

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https://phangan.ru/
A useful portal that has been operating in Thailand since 2018 and there you can get any help, including exchanging cryptocurrencies for fiat. The exchange of cryptocurrencies is not prohibited yet, but the tourist will have to pay additional fees.

Lucius

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@DooMAD, some of us still remember well our colleague from the forum who at one point disappeared saving his life from the very strict laws that this country has for many things, which include the death penalty. Come to think of it, I'm surprised they haven't declared Bitcoin illegal and imposed the death penalty on anyone who trades or pays with it - although they're well on their way to making it a reality one day.

DooMAD

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I suppose it's not all that surprising, given that Thailand's behaviour hasn't exactly been amicable towards BTC users in recent years. Very much giving off an anti-freedom sort of vibe there. Roll Eyes

bustabitsboy

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I think that the government of this country believes that cryptocurrencies can negatively affect the financial system of the country and I am surprised that Thailand has not yet banned cryptocurrencies.This is their right, of course. Maybe the use of cryptocurrency is a threat to a country like Thailand. Perhaps they are afraid that they will not be able to control, receive taxes, or maybe they do not want to be interested in something new because they do not know what to do with it and how it works.

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Quote from: Google translated from https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9353&NewsNo=39&NewsYear=2565&Lang=TH

or the system is interrupted causing a waste of opportunity

AFAICR, that has never happened before!

Quote from: Google translated from https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9353&NewsNo=39&NewsYear=2565&Lang=TH

there is a chance that digital assets can be used for money laundering. and as a tool to finance terrorism

I'm sure we can all agree that there are other or rather better tools or ways to achieve such things ^{[in other words, it's just an excuse]}.

Quote from: Google translated from https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9353&NewsNo=39&NewsYear=2565&Lang=TH

while the Bank of Thailand was one of the first central banks to develop a central bank digital currency ( CBDC) as an infrastructure for further financial innovation.

As soon as I read the above line about "money laundering", I knew it probably has something to do with CBDC... AFAICS, they've been in the "pilot stage for the past three/four months", so I assume they're about to launch it ^{[hence the restrictions on cryptocurrencies]}!

Lucius

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I would not agree that this measure is in line with what exists in the EU and the UK (I'm not sure about South Korea and Malaysia), but such a measure was adopted by Turkey some time ago, in fact almost 1 year ago. I think it's just a reflection of their policies that seek to control people as much as possible - personally, I am not surprised that they are going in that direction.

I would not be surprised if such things come to the minds of some other politicians in some, at least on paper, much larger democracies in the West - but I hope that will not happen. Bitcoin is in the first place a cryptocurrency, and if people are forbidden to use it publicly in this way, then it is clear in which direction the policy of a country is going. It's just a step away from banning trading.

zasad@

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https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9353&NewsNo=39&NewsYear=2565&Lang=TH
https://www.bloombergquint.com/onweb/thailand-bars-use-of-cryptocurrencies-as-a-method-of-payment
"(Bloomberg) -- Thailand will bar the use of cryptocurrencies as a means of payments for goods and services, saying the wider use of digital assets threatens the nation’s financial system and economy.
While the restrictions on the use of digital currencies for transactions will be effective starting April 1, companies in Southeast Asia’s second-largest economy will have until the end of April to comply with the new rules, the regulator said. It said the curbs on cryptocurrencies such as Bitcoin for commercial transactions are in line with regulations in Europe, the U.K., South Korea and Malaysia. "

Topic: [2022-03-23]Thailand Bans Use of Cryptocurrencies as a Method of Payment - page 2. (Read 640 times)