Thailand bans cryptocurrency payments
Cryptocurrencies have risen in popularity among many of us in Thailand, especially young adults. Lately, many people have used cryptocurrencies to pay for goods and services due to its convenience.
In addition to that, many businesses in Thailand have provided methods for consumers to pay with their cryptocurrencies.
That’s why when Thailand bans cryptocurrency payments starting on 1st April 2022 – a move approved by the Securities and Exchange Commission (SEC) and the Bank of Thailand – it may come as a surprise to many businesses and locals alike.
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Thailand bans cryptocurrency payments as they harm financial markets
After a conference on 3rd March, the SEC and the Bank of Thailand agreed that cryptocurrencies are volatile and unsafe from cyber theft, reported by Yahoo Finance.
This sentiment was echoed in an article by TheThaiger, which mentioned that cryptocurrency-based payments can be “harmful to financial markets and economy”.
Image credit: medium
In the new ruling, NIKKEI Asia reports that all cryptocurrencies will be banned, including Bitcoin.
Customers aren’t allowed to use any digital assets to purchase their items or goods. Otherwise, accounts can be terminated if they are found to have broken any regulations.
Businesses have to stop supporting any digital asset payments
The SEC will give 30 days to businesses to halt operations upon accepting crypto payments and engaging in activities that support their use.
Image credit: hotels
All other businesses are expected to adhere to the new rules from 1st April.
Investing and trading in cryptocurrency is still allowed
Despite the ban on its use as a payment method for goods and services, consumers will still be allowed to continue trading and investing in cryptocurrencies.
We advise crypto users to keep track of the news to stay informed about other future cryptocurrency rule changes in Thailand after this announcement.
What do you think of the latest crypto-based payment ban? Let us know in the comments below.
Cover image adapted from: @illusn via Unsplash