Has Thailand Banned Bitcoins?

by admin on July 31, 2013

Thailand has allegedly declared bitcoin, the online digital currency, illegal.

Bitcoin Company Ltd, a Thai exchange, said on its website that the Bank of Thailand held a conference earlier today to discuss the exchange’s business operations. Apparently at the conclusion of the meeting, senior members of the Foreign Exchange Administration and Policy Department concluded that due to a lack of applicable laws, regulatory control that the purchase or sale of bitcoins, together with the buying and selling of goods or services in exchange for bitcoins are illegal in Thailand business law.

Bitcoin Company has now suspended trading in Thailand.

The status is mixed however. Other reports say that the above is not an accurate reflection of the outcome and conclusion of the meeting, arguing that facts have been inaccurately reported.

Bitcoin was also in the news in May, as US Homeland Security arrested one of America’s largest bitcoin traders, revealing the monetary exchange service falsified financial documents.

Related Articles:

Bitcoin: The New Digital Currency?

EU Dipping Into Citizens’ Bank Accounts


Comments on this entry are closed.

Previous post:

Next post: