Thai central bank declares Bitcoin illegal

bitcoinBitcoin cannot be used in Thailand anymore

The central bank of Thailand has stated that any Bitcoin payments are illegal. One of the reasons is that there are currently no existing laws for cryptocurrencies. One local exchange had to stop its services due to the verdict.

Wired, states that the Thai central bank has stated that buying and selling Bitcoins is illegal. Also, it is no longer allowed to buy or sell anything with Cryptocurrencies in general aswel as receiving any from foreigners.  It is unclear wheter the law will be changed but untill then the local bitcoin exchange Bitcoin Co. will be offline.

Illegal after discussion about the workings of Bitcoin Co. exchange

The statement came after the Thai central bank had a discussion with Bitcoin Co about the workings of the exchange. The conclusion was that no existing laws apply to any cryptocurrency for that matter. Due to this it was decided to declare all cryptocurrencies illegal. Longer ago the Thai central bank already stated that it didn’t see Bitcoin as a currency.

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