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Fix! Thailand Bans the Use of Crypto for All Types of Transactions

The Thai Exchange and Security Commission has officially banned the use of cryptocurrencies for all types of buying and selling transactions in the country. Hearing this news, crypto activists in Thailand were worried.

For some people, investing uses cryptocurrency is something that is very profitable, because this currency can not be counterfeited or even duplicated. Now, many people from various countries are involved in this investment, including Thai citizens.

In fact, a handful of people in the country have started using crypto as a means of payment for buying and selling transactions. Due to ‘missing’, the local government immediately issued a regulation whereby the electronic currency may not be used again starting April 2022.

Thailand Prohibits the Use of Crypto for All Types of Buying and Selling Transactions

Reported from Coindeskthe main reason why the Thai government banned cryptocurrencies as a means of payment was because they were worried that it could be used as a medium for money laundering by certain individuals.

Also Read: The Malaysian Government Wants Its Country To Legalize Crypto

Thailand’s Security and Exchange Commission is also concerned that the central bank has not been able to anticipate and deal with the problem if it does occur.

Another reason is because the Bank of Thailand (BoT) had discussions with the SEC and found the fact that a buying and selling transaction using crypto could affect financial and economic stability in the country.

Thailand Bans Crypto
Photo: Crypto Slate

But calm down guys, they only forbid crypto to be used as a means of payment for a transaction. For trading crypto and digital assets, the Thai government still allows it while not prohibiting the regulations that have been set by the relevant parties.

Starting April 1, 2022, this regulation has come into effect and it is hoped that all business people in Thailand will eliminate payment methods using crypto. If the businessman is still ‘stubborn’, then the Thai government has given sanctions that will incriminate the perpetrators.

In their official statement, the BoT and the SEC continue to acknowledge that there are many benefits that can be derived from blockchain digital asset technology.

Also Read: Minister of Religion Trial of Hajj Manasik in Metaverse, Yaqut Cholil Qoumas: Very Good!

“However, the BOT and SEC, as well as other government agencies, recognize the technological benefits behind digital assets such as blockchain and value and support the use of technology for further innovation,” the BOT and SEC wrote.