BitCoin ruled illegal in Thailand | Bitcointalksearch.org

Viceroy

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Wow, what a thoughtful addition to the conversation. Roll Eyes

"Any type of currency enchange service in Thailand needs to get a license from the Bank of Thailand, according to the Exchange Control Regulations in Thailand whether it’s “real” money or not. That’s why Bitcoin Co. Ltd. needed to be authorised to operate, and since it didn’t have that authorization, it was forced to shut down."

http://memeburn.com/2013/08/bitcoin-and-thailand-whats-really-happening/

Sounds almost exactly like what happened with FinCEN DHS and MtGox.... well except that these guys actually tried to follow the law and voluntarily shut down unlike MtGox and all the other illegal bitcoin exchanges.

"However, the Bank of Thailand isn’t just ignoring this matter. It’s working with the relevant authorities such as the Ministry of ICT and the Securities and Exchange Commission to sort this out. Using Bitcoin in any way within the Kingdom of Thailand is banned for now"

OMG Goat, you must be scared, they seem to be coming for you directly.

"Prasan Trairatworakun, Bank of Thailand’s governor, says that the bank hasn’t approved Bitcoin Co. Ltd. to do business in Thailand because the transactions that the company is involved in center around the exchange rate but are not an actual currency exchange (since bitcoin is not a physical currency)."

Viceroy

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Quote from: ?? on ??

heerrrp a derrrppp press is now the courts...

No, nor is FinCEN's statement the equivalent of Case Law in the US... but it would be smart to follow the advice, no?

"The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country".

https://bitcoin.co.th/news/

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

Viceroy

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"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...

yolo2222

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"Dont feed the trolls,please."

https://www.youtube.com/watch?v=KsMj6UK4i7g

Lohoris

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Bitgoblin

Quote from: edmundedgar on July 31, 2013, 06:54:23 PM

but nobody bothered correcting because nobody wants to run the story "Our earlier story was a load of shite" or "Japan not banning Tor, nothing interesting happened today".

And that's why rectifying should be enforced by law.

joae1975

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Yeah, but the really funny yet awesome thing about all of this is THEY CAN'T BAN BITCOIN.
Unless they shut down the internet forever. LMAO!

edmundedgar

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https://www.realitykeys.com

Quote from: joesmoe2012 on July 30, 2013, 08:45:32 AM

I can't believe how far FUD can fly, i've never seen it to this degree before.

It happens all the time, especially with non-English-speaking countries where English-language journalists don't know how to check sources.

Another recent example was the claim that Japan were banning Tor. This came from someone reading an English-language report and jumping to conclusions, which then got relayed to the BBC and all the most trustworthy tech news sources. Somebody then went back and checked the original minutes that the first English-language report had been based on and discovered there was nothing like a ban being suggested, but nobody bothered correcting because nobody wants to run the story "Our earlier story was a load of shite" or "Japan not banning Tor, nothing interesting happened today".

turtle83

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Supersonic

From a bangkok post article in the newspaper today (business page 1)

Quote

The central bank said it will consider the issue further with no specific time line, said the company’s statement.

Governor Prasarn Trairatvorakul said the central bank rejected the request for foreign exchange operating licence of bitcoins on concern that it would lead to currency exchange speculation.
‘‘We need some time to seek advice from the ICT ministry and the Securities and Exchange Commission first,’’ he said

This was in an article attributed to AP, but the online versions of the article dont have that info (even on the version on the newspaper's site). Remembered reading it in the paper earlier... so looked it up in an online service...

I guess this is the only instance of a reply from BoT about this issue....

turtle83

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Supersonic

Quote from: marketalchemy on July 30, 2013, 01:14:02 PM

Quote from: ?? on ??

Quote from: greyhawk on July 30, 2013, 12:02:35 PM

Would be the first court that can rule things illegal I ever heard of anyway. That's the parliaments/kings/dictators job. Courts interprets law, they don't make it.

i just find it funny how people think some guy in a bank = court = law

idiots all around...

You are correct. It did not say "court." However, I think that it would be very naive to totally disregard the fact that the Bank does not recognize the Bitcoin as a legitimate source of currency. I do not see how that does not factor into whether or not this public announcement will affect the use of Bitcoins in Thailand. When you want to make a point, you should not try to disprove other people's statements via name-calling. That only makes you look like you want to win your argument by any means necessary and not because your argument is actually a sound one.

Also, a court's interpretation of the law has A LOT to do with how the law is enforced. Words without meaning really don't mean much, do they?

Its the opposite. The statement if true recognizes Bitcoin to be a form of currency.

marketalchemy

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Quote from: ?? on ??

Quote from: greyhawk on July 30, 2013, 12:02:35 PM

Would be the first court that can rule things illegal I ever heard of anyway. That's the parliaments/kings/dictators job. Courts interprets law, they don't make it.

i just find it funny how people think some guy in a bank = court = law

idiots all around...

You are correct. It did not say "court." However, I think that it would be very naive to totally disregard the fact that the Bank does not recognize the Bitcoin as a legitimate source of currency. I do not see how that does not factor into whether or not this public announcement will affect the use of Bitcoins in Thailand. When you want to make a point, you should not try to disprove other people's statements via name-calling. That only makes you look like you want to win your argument by any means necessary and not because your argument is actually a sound one.

Also, a court's interpretation of the law has A LOT to do with how the law is enforced. Words without meaning really don't mean much, do they?

skull88

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Also in Belgium on the news, saddening how bad the news media verify their sources.

greyhawk

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Would be the first court that can rule things illegal I ever heard of anyway. That's the parliaments/kings/dictators job. Courts interprets law, they don't make it.

marketalchemy

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Quote from: ?? on ??

Quote from: marketalchemy on July 30, 2013, 01:52:20 AM

Quote from: ?? on ??

btc is legal in thailand, you all got trolled...

An online website from the UK definitely reported that the Thailand court ruled that the exchange of bitcoins for currency is illegal. At least if it involves an international transaction.

A court eh...

Source please.

If it is a real media site and not some random scam site or blog i will give you a free btc.

http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

^^This is the article that I was specifically referring to, but there are many more online.

polarhei

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Firing it up

I think, there is something wrong with. No one can block the mining but limit the usage. Better to read who first.

joesmoe2012

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Ching-Chang;Ding-Dong

Quote from: davecoin on July 30, 2013, 10:37:33 AM

Damn, it's on engadget too.

http://www.engadget.com/2013/07/30/thailand-bitcoin-ban/#comments

It was on the Dutch news!

davecoin

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Damn, it's on engadget too.

http://www.engadget.com/2013/07/30/thailand-bitcoin-ban/#comments

Lohoris

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Bitgoblin

Not only this is FUD and OP didn't bother checking the source, but he also capitalised incorrectly Bitcoin in the thread title... -.-

joesmoe2012

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Ching-Chang;Ding-Dong

I can't believe how far FUD can fly, i've never seen it to this degree before.

mufa23

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I'd fight Gandhi.

I can't find any credible source and/or government (thailand) declaring that Bitcoins are illegal. Goat has pretty much covered what I was going to say.

turtle83

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Supersonic

Quote from: ?? on ??

Quote from: joesmoe2012 on July 30, 2013, 06:56:23 AM

First I should say I completely believe that Goat would know what he's talking about here...

Secondly, my dutch friend was just telling me he read about bitcoin being made illegal in thailand.

Not sure how this FUD can be being spread sooo far!

I know right! Some random guy running a suspected scam site makes some crazy claims and the next thing i know i have 100 PMs and E-mails telling me to leave Thailand!

Insane!

Pi Goat,
Ive used their exchange in the past, did not get scammed. Ive also used bahtcoin.com cpl of times, it seems they are still operational.

Question to you is... in your opinion... is it this exchange trolling us, or is it BOT trolling the exchange?

Topic: BitCoin ruled illegal in Thailand (Read 4508 times)