Has The Bank of Thailand Changed Its Position on Bitcoin?

by admin on February 18, 2014



Coin Desk has reported that the Bank of Thailand (BoT) may have changed its position on the  legal status of bitcoins in Thailand, suggesting that Bitcoin Co Limited can resume trading in Thailand.

Previously there were reports that the Bank of Thailand may have declared the use of bitcoins to be illegal in Thailand.

Despite the company’s lengthy absence from the market, David Barnes, managing director of Bitcoin Co LTD said that trading volumes have already returned to 2013 levels. “It’s about in line with, or a slight improvement from, where we left off in July,” he said.

According to Thailand business lawyers, Chaninat & Leeds , the Bank of Thailand issues laws and regulations concerning currency and financial transfers to and from Thailand. Banks normally require licenses  from the BoT documenting the transaction. According to Chaninat & Leeds  bitcoin transactions may present a practical problem for businesses in Thailand with regards to Thailand taxation and money laundering laws because there may be a lack of physical evidence such as receipts which could create difficulties when filing taxes in Thailand.

Read the full article here

Related Article:

US Thailand Double Taxation Treaty

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