lets get everyone in reddit.com/r/thailand jailed by tipping them all.
Topic: bitcoin.co.th trading suspended - page 7. (Read 21715 times)
Bunch of losers.
It doesn't need to be a written law, just imagine Ben Bernanke saying at a dinner that BTC should be illegal. Thousands would loose confidence, and many exchanges would close.
I'm sorry for Thai people, and I guess BTC users will just have to spend their BTC in neighboring Cambodia or Vietnam. Or maybe someone could write to the Thai embassy asking how I could travel there with nothing but BTC in hand?
It doesn't need to be a written law, just imagine Ben Bernanke saying at a dinner that BTC should be illegal. Thousands would loose confidence, and many exchanges would close.
I'm sorry for Thai people, and I guess BTC users will just have to spend their BTC in neighboring Cambodia or Vietnam. Or maybe someone could write to the Thai embassy asking how I could travel there with nothing but BTC in hand?
Central bankers & pussies, iow, yes they do make a difference to what companies will risk doing regardless or not of any present guidelines/rules or legislation is apparent:
I hope this brings the debate in to the light in Thailand & sets some precedents for P2P use of virtual currencies in a good way, there are certainly many Thais who are not so enamored by the present gov.
I hope this brings the debate in to the light in Thailand & sets some precedents for P2P use of virtual currencies in a good way, there are certainly many Thais who are not so enamored by the present gov.
Sometimes the best way to trigger adoption is to forbid usage.
The french kingdom and Parmentier did the same to foster adoption of potatoes. They claimed it was private to the court, used military guards in the day to keep the fields but they leaked recipes...
https://fr.wikipedia.org/wiki/Antoine_Parmentier#cite_note-6
The french kingdom and Parmentier did the same to foster adoption of potatoes. They claimed it was private to the court, used military guards in the day to keep the fields but they leaked recipes...
https://fr.wikipedia.org/wiki/Antoine_Parmentier#cite_note-6
Keep in mind that this comes from a country where there are laws against insulting the King
Let's look at a country I know, France, the supposed beacon of democracy.Insulting a cop: 6500 EUR + 6 months prison
Insulting the president, foreign presidents or ambassadors: 1 year in prison - though it was only recently removed
Netherlands: making incoherent sounds at the national remembrance in present of the Queen: 6 months jail.
OT: Maybe the Thai's are p'd off that we use the baht symbol ฿ for BTC.
The funny thing here is that posting slander on the internet about the govt in thailand is a real crime. That is a few years jail time and he could get deported.
I don't understand, deported from where?Did you mean "arrested", implying he already lives there, or what?
The bankers in Thailand are basically the very same idiots who tanked the entire Asian economy in 1997 by being too stupid to understand how currency works. While this is disappointing, it really shouldn't be surprising.
Thai bankers can fuck up all of Asia's economy, but they can't say what is illegal or not.
Yes, I didn't mean to imply that I actually agreed with their interpretation. It still makes it difficult to operate an exchange if you can't get a bank to do transfers for you, though. In any event, the title of the thread is overblown and perhaps entirely inaccurate.
odd that wired has changed "Bitcoin activities are illegal in Thailand" to "Bitcoin activities should be illegal in Thailand"
Keep in mind that this comes from a country where there are laws against insulting the King: https://en.wikipedia.org/wiki/L%C3%A8se-majest%C3%A9#Thailand
"Whoever defames, insults or threatens the King, Queen, the Heir-apparent or the Regent, shall be punished with imprisonment of three to fifteen years."
I'm not surprised that in a country like Thailand, a body like the central bank wouldn't be ready to endorse and legitimize virtual currencies. They're just taking the safe path and deferring to other officials to make the decision and write some laws that govern these types of transactions. When faced with a precedent setting scenario that might threaten traditional banking and control, pass the buck.
"Whoever defames, insults or threatens the King, Queen, the Heir-apparent or the Regent, shall be punished with imprisonment of three to fifteen years."
I'm not surprised that in a country like Thailand, a body like the central bank wouldn't be ready to endorse and legitimize virtual currencies. They're just taking the safe path and deferring to other officials to make the decision and write some laws that govern these types of transactions. When faced with a precedent setting scenario that might threaten traditional banking and control, pass the buck.
What's the official policy on human trafficking and sexual exploitation of children for profit in Thailand?
I think it's just a reaction to ฿, as opposed to BTC?
In hindsight the OP should have emphasizes the decentralised combined processing power of the P2P network and the Cryptographic side of Bitcoin, and down plaid it as a medium of exchange.
Those bankers could have fallen asleep, next time get Mike Hearn to explain how Bitcoin technically works, if you want to be ignored by the banking community.
I think it's just a reaction to ฿, as opposed to BTC?
In hindsight the OP should have emphasizes the decentralised combined processing power of the P2P network and the Cryptographic side of Bitcoin, and down plaid it as a medium of exchange.
Those bankers could have fallen asleep, next time get Mike Hearn to explain how Bitcoin technically works, if you want to be ignored by the banking community.
Quote
Senior members of the Foreign Exchange Administration and Policy Department concluded that because there were no existing laws that apply to Bitcoin and the fact that the cryptocurrency "straddles multiple financial facets", a wide range of Bitcoin activities should be illegal. These include buying and selling bitcoins, selling or buying any goods or services in exchange for bitcoins, sending bitcoins abroad or receiving them from anyone located outside of Thailand. The ruling has led Bitcoin Co. Ltd to cease operations until Thai laws are updated.
(From Wired)
It almost sounds like there was a meeting and the Thai-version of the SEC deemed it "illegal" until they could update the laws. It's almost a "holy shit! it does what???" reaction. It may be beneficial for Thailand and BTC for the powers-that-be to step back and get some regulations. The phrase "until Thai laws are updated" is a good sign, IMO.
Funny how such a beautiful country can have such draconian laws like that
Well, in countries like this, toughness of draconian laws is often compensated by inability of government to enforce them. So, in practice, they may have even more freedom than people from "everything is legal unless it is prohibited" type countries
This is how the Bitcoin community and the media work. Remember Cyprus? Neither do I.
Thailand’s fundamental basis of law is quite different – in Thailand, every act is ILLEGAL, unless there is a law (and process, and procedure) to make it legal.
Is this true? Who has the time to make all of the laws?
If it is true, then wouldn't selling any new product be illegal, since there are no laws regulating that new product?
Thailand’s fundamental basis of law is quite different – in Thailand, every act is ILLEGAL, unless there is a law (and process, and procedure) to make it legal.
I am curious, in such a system, on what basis would a penalty be determined? Suppose, they proved that you received bitcoins from abroad. What penalty do you get? How do they determine it, if there is no law saying: "for receiving bitcoins from outside Thailand the penalty is..."? 
What is ฿, as opposed to BTC?
About US$0.032 as opposed to US$100.18.
This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
I can have my lawyer contact them officially but it will not be a quick reply.
But it is pretty much a waste of time.
OP openly admits he only got advice from a few bankers. Not a judge, not people who make laws not even a lawyer....
OP I doubt even speaks Thai and just got told what his wife/GF happened to hear.
Maybe if OP sobers up he can let us all know it was a rage post and he meant no harm.
It's midnight in Thailand now so you'll get nothing until tomorrow at the very earliest.
This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
I can have my lawyer contact them officially but it will not be a quick reply.
But it is pretty much a waste of time.
OP openly admits he only got advice from a few bankers. Not a judge, not people who make laws not even a lawyer....
OP I doubt even speaks Thai and just got told what his wife/GF happened to hear.
Maybe if OP sobers up he can let us all know it was a rage post and he meant no harm.
This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.
Theoretically, I could see the similarity between the commonly-used BTC and ฿ being the source of antifraud kinds of laws. On the other hand, I'd say someone who thought they were receiving ฿1000 and ended up with BTC1000 should keep their head down and enjoy their good fortune.
What is ฿, as opposed to BTC?
I guess they are just upset that the B symbol is now more known for BTC than for THB : P
Jump to: