Topic: The truth about Bitcoin in Thailand - Did it really happen? (Read 3038 times)
Where in Thailand?
Rimbit you are completely wrong.
The BoT advised that in their opinion buy/selling bitcoins, receiving payments in bitcoins or sending bitcoins internationally was illegal. And that the company should stop is operations right away.
http://www.bot.or.th/English/AboutBOT/ExecutiveDirectory/Pages/BOTexecutive.aspx
Maybe we should inform the people working in that department that their department does not exist?
Since the shit storm that surrounded the issue has subsided I can speak somewhat more freely. I'm involved with Bitcoin Co. and is owned partially by my wife (who is also knowledgable on Bitcoin although less so than myself).
In Thailand it is a criminal offense to operate as an unlicensed money changer, with a penalty of prison time. Bank of Thailand controls and enforces money changing licenses. It is easily conceivable that BoT can make an argument that OTC bitcoin exchangers are operating as a "money changer":
http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx
With criminal penalties on the table this is why the company sought clarification on the issue.
The Bank of Thailand said very specifically in a meeting with them that they considered the business of buying and sell bitcoins to be illegal and that the company should cease activities immediately. I was present at this meeting in the capacity of of an expert on the topic of Bitcoin.
A few laws cited:
Law: look at #4 http://www.kodmhai.com/m4/m4-2/h82/m1-9.html กฏควบ คุมการแลกเปลียน มาตรา 4
Law: look at #9 http://www.baanjomyut.com/library/law/82.html พ ร บ เงินตรา มาตรา 9
English version: http://www.samuiforsale.com/law-texts/thailand-currency-exchange-control-act.html
Although in the Thai version "legal tender" appears to be more ambiguous.
After the meeting and ensuing media storm; the BoT did write to the company requesting further detailed information about Bitcoin and the company operations. My wife wrote a long letter back to them explaining in detail the operations of the company, details about Bitcoin in general and recommendations for BoT.
Including in these recommendations was that BoT should issue a specific Bitcoin trading license that would allow companies to strive and the technology to develop within Thailand; while giving BoT reporting information and the ability to tailor any needed limitations to the evolving environment.
However the BoT has yet to give any response to this followup letter.
I spoke more candidly on the issue at a seminar/meetup on Bitcoin last week in Bangkok. The organizer had done his homework contacted BoT directly prior to the seminar and they had written back to him that "You should consider bitcoin on pause; you should not buy, sell or use any bitcoins" (quote might not be word for word but that's basically what he had on a powerpoint. (Contact Bart if you want to get exact quote: http://www.meetup.com/Bangkok-Entrepreneurs/events/130740472/)
Basically the problem is that any way you could reasonable define/classify a Bitcoin then the BoT or SEC is charged with the power to regulate it.
There was never any claim made that mining or the sale of mining equipment was in any way illegal. In order to make any argument that mining was illegal one would also need to claim sale of computers was illegal. As such the company is dappling in mining instead of simply treading water and doing nothing at all.
https://bitcoin.co.th/changing-gears/
Far from the truth, the OTC business model was very profitable and expanding...certainly not a "failing business model".
The BoT advised that in their opinion buy/selling bitcoins, receiving payments in bitcoins or sending bitcoins internationally was illegal. And that the company should stop is operations right away.
There is no such department.... Foreign Exchange Administration and Policy Department
http://www.bot.or.th/English/AboutBOT/Documents/organ_Eng.pdfhttp://www.bot.or.th/English/AboutBOT/ExecutiveDirectory/Pages/BOTexecutive.aspx
Maybe we should inform the people working in that department that their department does not exist?
Since the shit storm that surrounded the issue has subsided I can speak somewhat more freely. I'm involved with Bitcoin Co. and is owned partially by my wife (who is also knowledgable on Bitcoin although less so than myself).
In Thailand it is a criminal offense to operate as an unlicensed money changer, with a penalty of prison time. Bank of Thailand controls and enforces money changing licenses. It is easily conceivable that BoT can make an argument that OTC bitcoin exchangers are operating as a "money changer":
http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspx
With criminal penalties on the table this is why the company sought clarification on the issue.
The Bank of Thailand said very specifically in a meeting with them that they considered the business of buying and sell bitcoins to be illegal and that the company should cease activities immediately. I was present at this meeting in the capacity of of an expert on the topic of Bitcoin.
A few laws cited:
Law: look at #4 http://www.kodmhai.com/m4/m4-2/h82/m1-9.html กฏควบ คุมการแลกเปลียน มาตรา 4
Law: look at #9 http://www.baanjomyut.com/library/law/82.html พ ร บ เงินตรา มาตรา 9
English version: http://www.samuiforsale.com/law-texts/thailand-currency-exchange-control-act.html
Although in the Thai version "legal tender" appears to be more ambiguous.
After the meeting and ensuing media storm; the BoT did write to the company requesting further detailed information about Bitcoin and the company operations. My wife wrote a long letter back to them explaining in detail the operations of the company, details about Bitcoin in general and recommendations for BoT.
Including in these recommendations was that BoT should issue a specific Bitcoin trading license that would allow companies to strive and the technology to develop within Thailand; while giving BoT reporting information and the ability to tailor any needed limitations to the evolving environment.
However the BoT has yet to give any response to this followup letter.
I spoke more candidly on the issue at a seminar/meetup on Bitcoin last week in Bangkok. The organizer had done his homework contacted BoT directly prior to the seminar and they had written back to him that "You should consider bitcoin on pause; you should not buy, sell or use any bitcoins" (quote might not be word for word but that's basically what he had on a powerpoint. (Contact Bart if you want to get exact quote: http://www.meetup.com/Bangkok-Entrepreneurs/events/130740472/)
Basically the problem is that any way you could reasonable define/classify a Bitcoin then the BoT or SEC is charged with the power to regulate it.
There was never any claim made that mining or the sale of mining equipment was in any way illegal. In order to make any argument that mining was illegal one would also need to claim sale of computers was illegal. As such the company is dappling in mining instead of simply treading water and doing nothing at all.
https://bitcoin.co.th/changing-gears/
Im pretty sure you wont find any real news on the subject as it was a non event orchestrated by a failing business model.
Far from the truth, the OTC business model was very profitable and expanding...certainly not a "failing business model".
I agree with rimbit. I think that because https://bitcoin.co.th/ didn't get licensed that they made radical claims that bitcoins must be illegal in Thailand. No, it is illegal to be an exchange without a license is all I got from the story. I don't know why they didn't get a license, but it doesn't mean that if someone else applies that they won't get a license.
you can also check out this article if you haven't seen it:
https://btcglobal.net/blog/post/bitcoin-is-not-illegal-in-thailand
you can also check out this article if you haven't seen it:
https://btcglobal.net/blog/post/bitcoin-is-not-illegal-in-thailand
completely contradicts the "quoted" rules that they where asked to abide by.
I don't think so. I had translated that particular expression บริการ loosely with "activities". This is not perfectly correct. บริการ literally means "service". A currency exchange definitely is a "service", but selling hardware is not.The biggest concern for the Bank of Thailand is the risk of destabilising the Thai Baht. A Bitcoin exchange could, in theory, be a threat to the stability of the Thai currency. Hardware cannot. (Not yet.)
Ok, just came across an article that sounds quite a bit different. It actually quotes the governor of the BoT:
http://www.posttoday.com/เศรษฐกิจ-หุ้น/การเงิน/237451/ธปท-จับตาเฟดตัดสินคิวอี
that essentially just says "... we therefore asked them to suspend their (money exchange) activities on their website as long as we carry out further investigations ..."
http://www.posttoday.com/เศรษฐกิจ-หุ้น/การเงิน/237451/ธปท-จับตาเฟดตัดสินคิวอี
that essentially just says "... we therefore asked them to suspend their (money exchange) activities on their website as long as we carry out further investigations ..."
If you checkout the Thailand Bitcoin site in question sells mining hardware now, that completely contradicts the "quoted" rules that they where asked to abide by.
Im pretty sure you wont find any real news on the subject as it was a non event orchestrated by a failing business model.
Ok, just came across an article that sounds quite a bit different. It actually quotes the governor of the BoT:
http://www.posttoday.com/เศรษฐกิจ-หุ้น/การเงิน/237451/ธปท-จับตาเฟดตัดสินคิวอี
that essentially just says "... we therefore asked them to suspend their (money exchange) activities on their website as long as we carry out further investigations ..."
http://www.posttoday.com/เศรษฐกิจ-หุ้น/การเงิน/237451/ธปท-จับตาเฟดตัดสินคิวอี
that essentially just says "... we therefore asked them to suspend their (money exchange) activities on their website as long as we carry out further investigations ..."
The Bangkok post just regurgitate the same crap
Quote:
Less than two weeks ago, the Bank of Thailand debated a money exchange licence application for the first government regulated bitcoin exchange company in Thailand. Similar to their US counterparts, this company sought to buy and sell bitcoins by using the national currency as its basis for exchange. However, unlike its US counterparts, the BoT Foreign Exchange Administration and Policy Department concluded...
There is no such department.... Foreign Exchange Administration and Policy Department
Quote:
Less than two weeks ago, the Bank of Thailand debated a money exchange licence application for the first government regulated bitcoin exchange company in Thailand. Similar to their US counterparts, this company sought to buy and sell bitcoins by using the national currency as its basis for exchange. However, unlike its US counterparts, the BoT Foreign Exchange Administration and Policy Department concluded...
There is no such department.... Foreign Exchange Administration and Policy Department
Yes, it did happen. Analysts of DFDL, an Asian-based law firm, wrote an article on Bitcoin for The Bangkok Post two weeks ago:
http://www.bangkokpost.com/news/investigation/364086/bitcoin-basics
While the first half of the article explaining Bitcoin in general bears the usual inaccuracies, the second half looks properly investigated, and concludes:
... it is only a matter of time before Thailand follows in the wake of its allies and opens the door to bitcoin commerce.
http://www.bangkokpost.com/news/investigation/364086/bitcoin-basics
While the first half of the article explaining Bitcoin in general bears the usual inaccuracies, the second half looks properly investigated, and concludes:
... it is only a matter of time before Thailand follows in the wake of its allies and opens the door to bitcoin commerce.
I never really understood the Thai Bitcoin company statement of what happened.
If you look at their website, they are now selling miners so Thai people can mine Bitcoins...
WTF
https://bitcoin.co.th/en/
Was the statement Bitcoin Thailand made, complete BS to cover their failure at being a company... I think so!
If you look at their website, they are now selling miners so Thai people can mine Bitcoins...
WTFhttps://bitcoin.co.th/en/
Was the statement Bitcoin Thailand made, complete BS to cover their failure at being a company... I think so!
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