Thailand to ban crypto payments from April

[minenovo]

Thailand’s financial regulator, the Securities and Exchange Commission (SEC) announced that it is planning on banning the use of cryptos for the purchase of goods and services from April 1st.

This decision was made after consultations between SEC and the Bank of Thailand (BOT) on the necessity to regulate payments of that sort because they would have a negative impact on the country’s financial stability and economy.

“Crypto payments may affect the stability of the financial system and overall economic system, including risks to people and businesses,” stated the financial regulatorofficially.

Their other main concern is, understandably, money laundering and various other cyber crimes.
Source
This is pretty unfortunate news for the crypto industry in the region, though hopefully their regulator may change their mind in the future. It's happened before.

 

[wealthbear]

wow that is shocking to hear that. I suppose some countries will take a hard stance on cryptocurrencies till they establish their own digital dollars and have them in use.

 

[Yugocean]

Thailand is not going to ban crypto trading and investment, it is only stopping it to be used as source of payment and only accept it as assets. Therefore, this decision is market effect based. Thailand's govt wants it's currency should be used.

However if people use P2P, then no one can stop it.