"THAILAND MAKES BITCOINS ILLEGAL BECAUSE ITS LAWS ARE TOO OLD-FASHIONED"
http://www.fastcompany.com/3015007/fast-feed/thailand-makes-bitcoins-illegal-because-its-laws-are-too-old-fashioned
"A bitcoin company says the virtual currency is illegal in Thailand"
http://blogs.marketwatch.com/thetell/2013/07/29/bitcoin-now-illegal-in-thailand/?mod=MW_latest_news
"Thai central bank rules Bitcoin to be illegal"
http://www.wired.co.uk/news/archive/2013-07/29/bitcoin-illegal-in-thailand
Well somebody better go tell the news media that bitcoin is not illegal because it certainly looks illegal...
http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5607300010005
https://bitcoin.co.th/news/
Topic: Bitcoin is legal in Thailand - page 2. (Read 8267 times)
Ithink, lots of facts have been masking for years. Not only that. Mining, do something privately cannot be blocked as this is yout wish, a contract unless there is legal statement issued by governments, there is no document mentioning this.
ความไม่ย่อท้อคือหนทางเอาชนะอุปสรรค... "when the going gets tough, the tough get going" 
I bet there will be some positive news on this area next month.
Hey if you guys want to find out for sure, why don't you just ask the Bank of Thailand directly to confirm or deny this nasty rumor about them?
http://www.bot.or.th/English/Feedback/_layouts/Application/Feedback/Feedback.aspx
http://www.bot.or.th/English/Feedback/_layouts/Application/Feedback/Feedback.aspx
I tried that—it doesn't work. There's an error.
I've concluded that I'm not fit to read legalese. I located the actual legislation here. A cursory glance seems to indicate that the Bank, or at least officials appointed by the Bank, does indeed have the authority to regulate "foreign currency". Can anyone who is more well-versed in law read this and confirm?
Hey if you guys want to find out for sure, why don't you just ask the Bank of Thailand directly to confirm or deny this nasty rumor about them?
http://www.bot.or.th/English/Feedback/_layouts/Application/Feedback/Feedback.aspx
http://www.bot.or.th/English/Feedback/_layouts/Application/Feedback/Feedback.aspx
Again, this does not mean BOT has power to make Bitcoin illegal. They can make "suggestions" to the government. They can "advise" them. But they cannot write laws. For example BOT enforces the Exchange Control Act (which was enacted into law by the government, not by BOT), and this Act, unless changed by the government, does not prohibit Bitcoin.
The day this Act will be changed, or another will be written, to prohibit Bitcoin, will be the day Bitcoin is illegal in Thailand. Until then Bitcoin is legal.
Ok I stand corrected, but BOT has power to treat Bitcoin as currency... I am not much into legal stuff, but my understanding is that in general Thais do not need to update laws to prohibit new stuff, rather they need to update the laws if they need to allow it.
Well not really. Bank of Thailand is not comparable to Bank Of America but rather to the Federal Reserve in USA. One does not simply open an account with BOT. Other Thai banks open an account with BOT.
Correct.
http://en.wikipedia.org/wiki/Bank_of_Thailand#Roles_and_Responsibilities
The post (if true) sounds like BOT's assessment of the laws and they "advised" the exchange that Bitcoin is illegal. They probably have the power to make (unenforceable) policy with regards to Bitcoin...
Quote
It defines its roles as:
Print and issue banknotes and other security documents
Promote monetary stability and formulate monetary policies
Manage the BOT’s assets
Provide banking facilities to the government and act as the registrar for the government bonds
Provide banking facilities for the financial institutions
Establish or Support the establishment of payment system
Supervise and examine the financial institutions
Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act
Control the foreign exchange according to the exchange control act
Print and issue banknotes and other security documents
Promote monetary stability and formulate monetary policies
Manage the BOT’s assets
Provide banking facilities to the government and act as the registrar for the government bonds
Provide banking facilities for the financial institutions
Establish or Support the establishment of payment system
Supervise and examine the financial institutions
Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act
Control the foreign exchange according to the exchange control act
The post (if true) sounds like BOT's assessment of the laws and they "advised" the exchange that Bitcoin is illegal. They probably have the power to make (unenforceable) policy with regards to Bitcoin...
Again, this does not mean BOT has power to make Bitcoin illegal. They can make "suggestions" to the government. They can "advise" them. But they cannot write laws. For example BOT enforces the Exchange Control Act (which was enacted into law by the government, not by BOT), and this Act, unless changed by the government, does not prohibit Bitcoin.
The day this Act will be changed, or another will be written, to prohibit Bitcoin, will be the day Bitcoin is illegal in Thailand. Until then Bitcoin is legal.
So essentially this is like only Bank Of America saying "Bitcoin is illegal" and then everyone taking that as fact.
Well not really. Bank of Thailand is not comparable to Bank Of America but rather to the Federal Reserve in USA. One does not simply open an account with BOT. Other Thai banks open an account with BOT.
http://en.wikipedia.org/wiki/Bank_of_Thailand#Roles_and_Responsibilities
Quote
It defines its roles as:
Print and issue banknotes and other security documents
Promote monetary stability and formulate monetary policies
Manage the BOT’s assets
Provide banking facilities to the government and act as the registrar for the government bonds
Provide banking facilities for the financial institutions
Establish or Support the establishment of payment system
Supervise and examine the financial institutions
Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act
Control the foreign exchange according to the exchange control act
Print and issue banknotes and other security documents
Promote monetary stability and formulate monetary policies
Manage the BOT’s assets
Provide banking facilities to the government and act as the registrar for the government bonds
Provide banking facilities for the financial institutions
Establish or Support the establishment of payment system
Supervise and examine the financial institutions
Manage the country’s foreign exchange rate under the foreign exchange system and manage assets in the currency reserve according to the Currency Act
Control the foreign exchange according to the exchange control act
The post (if true) sounds like BOT's assessment of the laws and they "advised" the exchange that Bitcoin is illegal. They probably have the power to make (unenforceable) policy with regards to Bitcoin... that is if it is recognized as currency.
http://www.wired.co.uk/news/archive/2013-07/29/bitcoin-illegal-in-thailand
I havent read it completely, but BTC is in NO way illegal, remember that people!
I havent read it completely, but BTC is in NO way illegal, remember that people!
Bitcoin was not ruled illegal in Thailand. There is poor reporting and interpretation going on. The Bank of Thailand has no legal power. A few senior members of the bank saying something is illegal does not make it illegal. The Foreign Exchange Administration and Policy Department are merely departments of the bank, not branches of the legislative government of Thailand.
This is a scenario similar to what happened in 2011 in France: MtGox's bank closed their account saying that a Bitcoin exchange was "illegal/unauthorized". MtGox sued the bank. And courts sided with MtGox and forced the bank to re-open their account: https://bitcointalksearch.org/topic/bitcoin-in-france-first-legal-decision-directly-related-to-bitcoin-41317
Same thing here. The Bank of Thailand saying "this is illegal" does not make it illegal. They are just an institution, who does not represent the government, who displays a hostile attitude toward Bitcoin. Nothing more.
This is a scenario similar to what happened in 2011 in France: MtGox's bank closed their account saying that a Bitcoin exchange was "illegal/unauthorized". MtGox sued the bank. And courts sided with MtGox and forced the bank to re-open their account: https://bitcointalksearch.org/topic/bitcoin-in-france-first-legal-decision-directly-related-to-bitcoin-41317
Same thing here. The Bank of Thailand saying "this is illegal" does not make it illegal. They are just an institution, who does not represent the government, who displays a hostile attitude toward Bitcoin. Nothing more.
Wow thanks for the heads up, I'm suprised more people from thailand haven't spoken up yet to correct the misconception.
So essentially this is like only Bank Of America saying "Bitcoin is illegal" and then everyone taking that as fact.
Bitcoin was not ruled illegal in Thailand. There is poor reporting and interpretation going on. The Bank of Thailand has no legal power. A few senior members of the bank saying something is illegal does not make it illegal. The Foreign Exchange Administration and Policy Department are merely departments of the bank, not branches of the legislative government of Thailand.
This is a scenario similar to what happened in 2011 in France: MtGox's bank closed their account saying that a Bitcoin exchange was "illegal/unauthorized". MtGox sued the bank. And courts sided with MtGox and forced the bank to re-open their account: https://bitcointalksearch.org/topic/bitcoin-in-france-first-legal-decision-directly-related-to-bitcoin-41317
Same thing here. The Bank of Thailand saying "this is illegal" does not make it illegal. They are just an institution, who does not represent the government, who displays a hostile attitude toward Bitcoin. Nothing more.
This is a scenario similar to what happened in 2011 in France: MtGox's bank closed their account saying that a Bitcoin exchange was "illegal/unauthorized". MtGox sued the bank. And courts sided with MtGox and forced the bank to re-open their account: https://bitcointalksearch.org/topic/bitcoin-in-france-first-legal-decision-directly-related-to-bitcoin-41317
Same thing here. The Bank of Thailand saying "this is illegal" does not make it illegal. They are just an institution, who does not represent the government, who displays a hostile attitude toward Bitcoin. Nothing more.
Jump to: