Thailand Warns and Restricts Means of Crypto Payments

Thailand Warns and Restricts Means of Crypto Payments

Thailand is one of the countries which have imposed serious and arduous regulations upon its crypto industry in recent times. Thailand is in fact more concerned about the financial security of the country rather than expanding and improvising developments through its crypto industry. Accordingly, Thailand now severely restricts payments in the form of cryptocurrencies.

Bank of Thailand’s Warnings

Thailand is highly considerate of the out control of its crypto industry. The Country has imposed various restrictions upon the crypto industry and its usage. In addition, the crypto exchanges are the worst affected on behalf of these regulations by the Securities and Exchange Commission (SEC).

In spite of all this, now the Bank of Thailand (BOT) has issued a public notice, rather than a warning notice in other terms. Accordingly, the warning notice reads, caution for all those who are using Digital Assets as the means of payments for any kinds of services or for goods. 

Furthermore, all this is a result of the Bank of Thailand’s report published recently on the subject.  The Central bank of the country reveals many established and blooming enterprises and companies are evidently demanding payments for either their goods or services in form of cryptocurrencies. 

Also, BOT states, Bitcoin (BTC) and Ethereum (ETH) are the two most cryptos in high demand and preference for the payments by the companies.

Moreover, BOT states that it will be joining hands with the SEC in order to restrict such means of crypto payments. 

BOT’s Justifications

The BOT puts forth that cryptocurrency is not a legal tender for Thailand. In spite of this, any form of payment apart from the legal tender of course will not be accepted.

On the other hand, the BOT states that using nonlegal tender forms of payments could lead to various complications and drawbacks. They depict it will be highly volatile for both parties. In addition, BOT states many concerns like price fluctuations, hacking, money concealing will be at their peak.

Thailand’s Crypto Regulations History

The SEC of Thailand has devised numerous regulations in recent times upon the cryptocurrency exchanges. 

In addition, it has banned the exchanges from providing services of NFTs, Fan based tokens, and other meme-based cryptocurrencies like the Dogecoin (DOGE).

Furthermore, about a week ago, the SEC of Thailand filed criminal charges and a complaint against the largest global cryptocurrency exchange, Binance. They point out  Binance operates without any valid crypto license in the country. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.