Topic: Thailand ban using crypto for payments - page 6. (Read 683 times)

Speaking of CBDC, I did posted earlier about the Philippines doing a pilot implementation run on it here.

I just don’t know if CBDC’s poses a threat to the adoption of cryptocurrencies as mode of payment or so. Every country has their own point of view regarding Bitcoin. As you said about Thailand not allowing crypto as mode of payment but allowing as investment, maybe they need to study more deeply about it as they don’t want to be left behind in the trend like the anti-Bitcoin countries right now.

This is exactly what happened with the Nigerians government, they did the same thing by placing ban on crypto just to reveal the launch of their E-Naira CBDC, i think you're right, government are contending with cryptocurrency but they lack the understanding that CBDC is totally different from cryptocurrency.

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

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.

It could be recalled on how Thailand has recorded a massive growth in the crypto space with over 600% increase in transaction volume as at last year while over $3 billion worth of cryptocurrency user asset was recorded since the beginning of 2022.

This "ban" is effective starting from 1st of April, 2022, all their financial institutions will be unavailable to carryout transaction in bitcoin or any other crypto asset and in making payments for goods and services. It is also good to note that this crypto ban only affect their banks and any use of crypto as a payment media for goods and services but individuals trading and investment in cryptocurrency is not banned and a good alternative to this is using P2P for transactions in other to have a continuous crypto runnings and operations from been pause in the region.

https://ambcrypto.com/thailand-one-of-asias-biggest-adopters-now-barred-from-using-crypto-as-payment/?utm_source=thecryptoapp