Thailand bans banks from dealing with Bitcoin & Co.

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The Bank of Thailand on February 12 sent a circular to banks and financial institutions and warned them not to get involved in cryptocurrency transactions for the fear of possible problems from unregulated trading.

Banks are now prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges and creating platforms for cryptocurrency trading, the central bank’s governor, Veerathai Santiprabhob, said.

They are also banned from allowing clients to use credit cards to buy cryptocurrency and from advising customers on investing or trading in cryptocurrency, the bank said.

The central bank noted that cryptocurrencies were not legal tender in Thailand and that it was worried that they may be used in illegal activities such as money laundering or supporting terrorism.

 

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Reading Time: 1 minute

The Bank of Thailand on February 12 sent a circular to banks and financial institutions and warned them not to get involved in cryptocurrency transactions for the fear of possible problems from unregulated trading.

Reading Time: 1 minute

The Bank of Thailand on February 12 sent a circular to banks and financial institutions and warned them not to get involved in cryptocurrency transactions for the fear of possible problems from unregulated trading.

Banks are now prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges and creating platforms for cryptocurrency trading, the central bank’s governor, Veerathai Santiprabhob, said.

They are also banned from allowing clients to use credit cards to buy cryptocurrency and from advising customers on investing or trading in cryptocurrency, the bank said.

The central bank noted that cryptocurrencies were not legal tender in Thailand and that it was worried that they may be used in illegal activities such as money laundering or supporting terrorism.

 

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