Thailand ban using crypto for payments - page 4.

stepwilli

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Quote from: darkangel11 on March 25, 2022, 04:57:05 PM

So there's a threat of laundering money through simple services like paying fora pizza or a taxi but there's no threat of laundering on exchanges? I think the government of Thailand has no idea how things work in crypto Cheesy

I agree with people who say the ban won't do much to an average user. They will still have an option of exchanging their coins or even buying goods and services like they do for cash. How are they going to check if someone bought a moped with cash or with crypto if both sides say it was cash?

I read the first page and it says only individual trades are allowed or P2P therefore non-P2P exchanges are included in the ban. It's going to be weird if they restrict the use of crypto only for small service and not for big service because laundering usually happens on big services such as in trading platforms, in mixing sites, and also in gambling sites. Most people use crypto only for investment and maybe a little bit of trade?

So, the kind of ban that happened in Thailand is not a big problem for them. Never heard that crypto has been approved as legal tender in Thailand so there is no problem with buying goods there, they can always use their local money.

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Quote from: verita1 on March 25, 2022, 04:47:44 PM

The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

So there's a threat of laundering money through simple services like paying fora pizza or a taxi but there's no threat of laundering on exchanges? I think the government of Thailand has no idea how things work in crypto Cheesy

I agree with people who say the ban won't do much to an average user. They will still have an option of exchanging their coins or even buying goods and services like they do for cash. How are they going to check if someone bought a moped with cash or with crypto if both sides say it was cash?

verita1

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The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

coolcoinz

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Quote from: goaldigger on March 24, 2022, 05:22:42 PM

Quote from: coolcoinz on March 24, 2022, 04:39:45 PM

Many countries did the same at some point. Russia did it when they were working on their digital ruble. Usually countries that are afraid of their fiat currency becoming unstable block or limit bitcoin payments. It's not something you should be concerned about because if they wanted to stop people from buying bitcoin they'd ban it completely, but they only want it not to be accepted in stores as a form of payment, which is stupid and counterproductive. It shows the country is afraid of something, maybe facing some internal problems and is trying to enforce more use of government-issued money. People will still use crypto despite such ban and they will exchange it for fiat. They don't need payments to be enabled.

I wonder how much is the percentage of users using their cryptocurrency for payment transactions, I believe most of us are here for capital appreciation. Well, the ban is meant to secure the future of their fiat currency since they are already working to make it digitalize, they can’t compete with cryptocurrency so the best solution is to ban it. This happened on many countries already, and look at them right now, they are making Bitcoin legal, Russia is a big example here. This is not permanent, expect a lot of changes with regards to restrictions in the future.

Overall, I'd say maybe 5% of bitcoin users buy things with it. Maybe even less. I had coins for many years and I've paid for things like online services and computer games, but it was maybe once a year.

When it comes to poorer countries like Thailand I'd expect the numbers to be even lower. Maybe 10% of the whole populations have used bitcoin, out of which half is still holding and out of that half maybe 1% is spending. Those aren't real statistics but if you have these please prove me wrong. I'd really like to see a proof that at least 10% of bitcoin users in Thailand pays with it on regular basis. With the way Bitcoin is developing it's not going to happen. People are going to be hoarding and using it for collateral while spending stable coins and fiat. A payment ban will not change anything.

milewilda

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Quote from: Renampun on March 25, 2022, 04:09:15 PM

Quote from: stomachgrowls on March 24, 2022, 05:25:54 PM

They wouldnt push through crypto payments specially decentralized one yet there are rumors about CBDC's but turns out to have some delay but it would
be on this late 2022.

Thai Central Bank to Delay CBDC Test Till Late 2022: Report
https://www.coindesk.com/policy/2021/12/24/thai-central-bank-to-delay-cbdc-test-till-late-2022-report/

So its not that surprising that they do prefer on having their own than on accepting on what we do have today.

Thailand has just tested it, while the countries that first issued their CBDC have stopped it lol...

trust me this thai CBDC will never circulate, they will definitely delay until they finally give up on doing that because issuing a CBDC right now and fighting bitcoin is a stupid thing. see how now Russians who are so in love with Bitcoin, they have given up on CBDC.

If China had already that digital Yuan then why Thailand could make out the same thing too? Just like with this China Rolls Out Digital Yuan for Foreigners at the Olympics which is already on that testing phase and they are really that encouraging on making use of their CBDC's which we could not say that it wont really push through on some countries who would take the path but you do actually got the point that fighting bitcoin
is stupid thing because it cant really be stopped no matter on what they do and thats why they do make their own instead.

Renampun

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Quote from: stomachgrowls on March 24, 2022, 05:25:54 PM

They wouldnt push through crypto payments specially decentralized one yet there are rumors about CBDC's but turns out to have some delay but it would
be on this late 2022.

Thai Central Bank to Delay CBDC Test Till Late 2022: Report
https://www.coindesk.com/policy/2021/12/24/thai-central-bank-to-delay-cbdc-test-till-late-2022-report/

So its not that surprising that they do prefer on having their own than on accepting on what we do have today.

Thailand has just tested it, while the countries that first issued their CBDC have stopped it lol...

trust me this thai CBDC will never circulate, they will definitely delay until they finally give up on doing that because issuing a CBDC right now and fighting bitcoin is a stupid thing. see how now Russians who are so in love with Bitcoin, they have given up on CBDC.

Xal0lex

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Quote from: Doan9269 on March 23, 2022, 07:09:05 AM

As the cryptocurrency adoption rate increases every day across the globe and many countries are using bitcoin in their daily business transactions and this has in so many ways help in boosting the economy, of recent many countries have being accepting tax payment in crypto as in Florida among others but to the other side of it is coming about Thailand Puting a ban on making cryptocurrency transaction by it commercial counterparts, this statement was made by the Thailand SEC.
-snip-

The market has not reacted in any way, since there is no mention of an absolute ban on the use of cryptocurrencies among all citizens of the country. But everything can still come back and the Thai government may soon reconsider its attitude to crypto transactions, as it did, for example, in India. Crypto adopting is constantly evolving and it is more beneficial for countries to regulate it and impose regulations for legal use, regulation, and taxation than to ban it completely.

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Quote from: yawars20 on March 24, 2022, 10:59:09 AM

For any government the scariest part is to lose control over there own currency and not able to control how money go inside or outside on the country. So When there is no proper network to control crypto base transaction, then government has to take strong action to do something to control the whole situation.
Thai massive $3 billion worth of cryptocurrency user asset, It is already cleared how much control crypto already take over and can do more in coming days. So government need a proper plan and network to control this much money and has to stablish a new system where government could take a closer look and also collect a % of transaction for the government too. Its my conclusion because here in Pakistan our Government is taking same type of step and not illegalizing the crypto fully yet.

A standard crypto is not owned by any government and it was not their responsibility to control it. Government only owns fiat money and they still own and control it even in the emergence of cryptos and I don't think that a government can strictly control their own currency because if they do then why there are still money laundering, frauds and other similar acts related to money?

And even if they can regulate or control crypto, the same thing can still going to happen. Why can't they just be fair with cryptos? since cryptos don't totally differ with the fiat currencies and it was the people's rights to choose if what currency they like. It's not the government's business anymore.

yawars20

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Quote from: el kaka22 on March 25, 2022, 02:26:25 AM

In the year 2022, we should not have news like this. I mean Thailand is known to be a cheap place, people are not making a lot of people and this means that we should not really be banning them to use crypto, we should be supporting them.

Most of middle east countries facing similar situating. They are barely managing there daily life. So many peoples try too get something from crypto.
The problem here is not the use of crypto but the control of money. countries like Thailand, filipin , Iran etc doesn't have a system to control money laundering and tax evasion control over crypto and this could cause a serious damage to country economy. In order to control this type of situation they have to ban crypto and find a way to control the over all flow of crypto in whole country.
So I think this ban was dire in this kind of situation.

el kaka22

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In the year 2022, we should not have news like this. I mean Thailand is known to be a cheap place, people are not making a lot of people and this means that we should not really be banning them to use crypto, we should be supporting them.

People from Thailand and Philippines and many other smaller nations like that ended up working hardcore just for Axie owners so that they could bring in food to their tables, that tells you how little it takes for them to live, just an income from the game itself allowed them to get richer. So, if you ban crypto payments in Thailand, you are not helping the nation get better, you are hurting the nation for sure.

Shasha80

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Quote from: 24Kt on March 24, 2022, 07:19:33 PM

Quote from: kawetsriyanto on March 24, 2022, 06:46:00 PM

This ban is only applied for payment purposes, isn't it? This means all people in Thailand still can use crypto as a digital asset. It is not so different from the regulation in my country (Indonesia), crypto is legal for a digital asset only. However, it doesn't become a big problem since people still can use crypto for trading or for investment. If they want to pay for goods or services, they can convert their crypto coins to fiats. So, I'm sure this ban won't impact anything in crypto market. Don't worry!!

Yes, that's one way to do it. Convert their crypto to fiat before using it for payment. Because if they can still hold crypto assets and trade without a problem, then, it is no big deal. So long they can use trading platforms, they can always use their crypto. Sooner or later, their government will change their stance towards crypto. So for those who are long-term holders, they can just store it in their noncustodial wallets.

Since I'm used to buying things with fiat, I only use crypto as a digital asset. So every time I buy something from the profit I make from crypto,
I always convert my crypto into fiat. The process is very fast, so it's not something to worry about for Thai residents if the government finally bans
using crypto as payment. It's not the end of everything, because there is always a way to spend the crypto that we have even though the country
where we live forbids using crypto as payment. I agree with what you said there is a possibility in the future the Thai government will change its mind
and legalize crypto as payment. So just be grateful for the current situation if we can still own crypto and use crypto as a digital asset.

24Kt

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Quote from: kawetsriyanto on March 24, 2022, 06:46:00 PM

This ban is only applied for payment purposes, isn't it? This means all people in Thailand still can use crypto as a digital asset. It is not so different from the regulation in my country (Indonesia), crypto is legal for a digital asset only. However, it doesn't become a big problem since people still can use crypto for trading or for investment. If they want to pay for goods or services, they can convert their crypto coins to fiats. So, I'm sure this ban won't impact anything in crypto market. Don't worry!!

Yes, that's one way to do it. Convert their crypto to fiat before using it for payment. Because if they can still hold crypto assets and trade without a problem, then, it is no big deal. So long they can use trading platforms, they can always use their crypto. Sooner or later, their government will change their stance towards crypto. So for those who are long-term holders, they can just store it in their noncustodial wallets.

Mahanton

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Quote from: Scripture on March 24, 2022, 05:45:35 PM

Quote from: stomachgrowls on March 24, 2022, 05:25:54 PM

Quote from: Oasisman on March 24, 2022, 12:57:49 PM

Well, I guess Thai government simply doesn't want crypto to take over as one of the most commonly used currency for paying goods and services. Because If that happens, there will be a significant decrease of using their own currency and will never get possible percentage for every transaction.

Good thing they have not totally ban crypto, Thai people can still use it like the OP said using P2P trading.

They wouldnt push through crypto payments specially decentralized one yet there are rumors about CBDC's but turns out to have some delay but it would
be on this late 2022.

Thai Central Bank to Delay CBDC Test Till Late 2022: Report
https://www.coindesk.com/policy/2021/12/24/thai-central-bank-to-delay-cbdc-test-till-late-2022-report/

So its not that surprising that they do prefer on having their own than on accepting on what we do have today.

They don’t want their people choose on which cryptocurrency to be used online, just like the other countries they decided to make their own digital currency than to adopt what’s already in the market. That delay doesn’t mean they will lift the ban for crypto, for sure they have back up plans for this. Cryptocurrency will continue to rise despite of this kind of news, they can’t totally stop their people from using crypto because this is decentralized.

You are definitely right that it is just unstoppable if people or citizens of a particular country would really intend to engage with decentralized crypto unless if it would be blocked manually by their ISP
in regarding with those crypto related sites then that would be a pain in the ass but its totally useless since there are several ways on bypassing it without being detected or caught but of course
there would be some consequences once you do get caught but actually it is really close to impossible if you are just mindful on covering up your tracks.

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This ban is only applied for payment purposes, isn't it? This means all people in Thailand still can use crypto as a digital asset. It is not so different from the regulation in my country (Indonesia), crypto is legal for a digital asset only. However, it doesn't become a big problem since people still can use crypto for trading or for investment. If they want to pay for goods or services, they can convert their crypto coins to fiats. So, I'm sure this ban won't impact anything in crypto market. Don't worry!!

Scripture

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Quote from: stomachgrowls on March 24, 2022, 05:25:54 PM

Quote from: Oasisman on March 24, 2022, 12:57:49 PM

Well, I guess Thai government simply doesn't want crypto to take over as one of the most commonly used currency for paying goods and services. Because If that happens, there will be a significant decrease of using their own currency and will never get possible percentage for every transaction.

Good thing they have not totally ban crypto, Thai people can still use it like the OP said using P2P trading.

They wouldnt push through crypto payments specially decentralized one yet there are rumors about CBDC's but turns out to have some delay but it would
be on this late 2022.

Thai Central Bank to Delay CBDC Test Till Late 2022: Report
https://www.coindesk.com/policy/2021/12/24/thai-central-bank-to-delay-cbdc-test-till-late-2022-report/

So its not that surprising that they do prefer on having their own than on accepting on what we do have today.

They don’t want their people choose on which cryptocurrency to be used online, just like the other countries they decided to make their own digital currency than to adopt what’s already in the market. That delay doesn’t mean they will lift the ban for crypto, for sure they have back up plans for this. Cryptocurrency will continue to rise despite of this kind of news, they can’t totally stop their people from using crypto because this is decentralized.

stomachgrowls

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Quote from: Oasisman on March 24, 2022, 12:57:49 PM

Well, I guess Thai government simply doesn't want crypto to take over as one of the most commonly used currency for paying goods and services. Because If that happens, there will be a significant decrease of using their own currency and will never get possible percentage for every transaction.

Good thing they have not totally ban crypto, Thai people can still use it like the OP said using P2P trading.

They wouldnt push through crypto payments specially decentralized one yet there are rumors about CBDC's but turns out to have some delay but it would
be on this late 2022.

Thai Central Bank to Delay CBDC Test Till Late 2022: Report
https://www.coindesk.com/policy/2021/12/24/thai-central-bank-to-delay-cbdc-test-till-late-2022-report/

So its not that surprising that they do prefer on having their own than on accepting on what we do have today.

goaldigger

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Quote from: coolcoinz on March 24, 2022, 04:39:45 PM

Many countries did the same at some point. Russia did it when they were working on their digital ruble. Usually countries that are afraid of their fiat currency becoming unstable block or limit bitcoin payments. It's not something you should be concerned about because if they wanted to stop people from buying bitcoin they'd ban it completely, but they only want it not to be accepted in stores as a form of payment, which is stupid and counterproductive. It shows the country is afraid of something, maybe facing some internal problems and is trying to enforce more use of government-issued money. People will still use crypto despite such ban and they will exchange it for fiat. They don't need payments to be enabled.

I wonder how much is the percentage of users using their cryptocurrency for payment transactions, I believe most of us are here for capital appreciation. Well, the ban is meant to secure the future of their fiat currency since they are already working to make it digitalize, they can’t compete with cryptocurrency so the best solution is to ban it. This happened on many countries already, and look at them right now, they are making Bitcoin legal, Russia is a big example here. This is not permanent, expect a lot of changes with regards to restrictions in the future.

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Quote from: yawars20 on March 24, 2022, 10:59:09 AM

For any government the scariest part is to lose control over there own currency and not able to control how money go inside or outside on the country. So When there is no proper network to control crypto base transaction, then government has to take strong action to do something to control the whole situation.
Thai massive $3 billion worth of cryptocurrency user asset, It is already cleared how much control crypto already take over and can do more in coming days. So government need a proper plan and network to control this much money and has to stablish a new system where government could take a closer look and also collect a % of transaction for the government too. Its my conclusion because here in Pakistan our Government is taking same type of step and not illegalizing the crypto fully yet.

The surge in the use of crypto in Thailand has become very massive, so the government immediately takes action to take control of finances that come out without any control at all, it is clear they feel that they are making crypto transactions as an act of money laundering which causes their fiat to swell. I think this is a natural thing for a country to identify transactions outside government authorities in calculating state finances. But in the end, I don't expect the government to completely shut down the crypto space in Thailand.

coolcoinz

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Many countries did the same at some point. Russia did it when they were working on their digital ruble. Usually countries that are afraid of their fiat currency becoming unstable block or limit bitcoin payments. It's not something you should be concerned about because if they wanted to stop people from buying bitcoin they'd ban it completely, but they only want it not to be accepted in stores as a form of payment, which is stupid and counterproductive. It shows the country is afraid of something, maybe facing some internal problems and is trying to enforce more use of government-issued money. People will still use crypto despite such ban and they will exchange it for fiat. They don't need payments to be enabled.

ajochems

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Quote from: yawars20 on March 24, 2022, 10:59:09 AM

For any government the scariest part is to lose control over there own currency and not able to control how money go inside or outside on the country. So When there is no proper network to control crypto base transaction, then government has to take strong action to do something to control the whole situation.
Thai massive $3 billion worth of cryptocurrency user asset, It is already cleared how much control crypto already take over and can do more in coming days. So government need a proper plan and network to control this much money and has to stablish a new system where government could take a closer look and also collect a % of transaction for the government too. Its my conclusion because here in Pakistan our Government is taking same type of step and not illegalizing the crypto fully yet.

It’s not possible for the government to control the flow of the cryptocurrency in the country.So it may be the reason for the ban of crypto currency’s in the Thailand.But even after the ban of crypto currency,their will be some flow in the market.Many county legalization to control the flow of crypto in the country.Many people fear of legalization because to fear of paying taxes to government.

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