Thailand first country to ban digital currency Bitcoin

Reading Time: 2 minutes

Bitcoin coinThailand has banned the global peer-to-peer payment network Bitcoin after the country’s central bank decided that Bitcoin “is not a currency”.

Bitcoin said on its homepage on July 29 that “senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets Bitcoin activities are illegal in Thailand.”

This means that buying and selling Bitcoins, buying or selling any goods or services in exchange for Bitcoins, sending Bitcoins to anyone located outside of Thailand and receiving Bitcoins from anyone located outside of Thailand is not allowed any more.

Bitcoin added that it “had no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin. ” The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.

Bitcoin is a cryptocurrency where the creation and transfer of Bitcoins is based on an open-source cryptographic protocol that is independent of any central authority. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.

The virtual currency started as a relatively niche method of payment, invented by an anonymous programmer, but can now be used for online shopping at a large number of merchants. However, critics have said that it is also used for illicit drug and gambling transactions, and the taxability of Bitcoin transactions is also unclear.

How it works:

A user can have one or more Bitcoin addresses from which Bitcoins are sent or received using either a website or downloaded software such as a digital wallet. Many bitcoin services provide addresses tied to a user’s individual bank account to hold funds on the user’s behalf. The Bitcoin (BTC) exchange rate as of July 30 was 1 BTC = $101.88.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Thailand has banned the global peer-to-peer payment network Bitcoin after the country’s central bank decided that Bitcoin “is not a currency”.

Reading Time: 2 minutes

Bitcoin coinThailand has banned the global peer-to-peer payment network Bitcoin after the country’s central bank decided that Bitcoin “is not a currency”.

Bitcoin said on its homepage on July 29 that “senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets Bitcoin activities are illegal in Thailand.”

This means that buying and selling Bitcoins, buying or selling any goods or services in exchange for Bitcoins, sending Bitcoins to anyone located outside of Thailand and receiving Bitcoins from anyone located outside of Thailand is not allowed any more.

Bitcoin added that it “had no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin. ” The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.

Bitcoin is a cryptocurrency where the creation and transfer of Bitcoins is based on an open-source cryptographic protocol that is independent of any central authority. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.

The virtual currency started as a relatively niche method of payment, invented by an anonymous programmer, but can now be used for online shopping at a large number of merchants. However, critics have said that it is also used for illicit drug and gambling transactions, and the taxability of Bitcoin transactions is also unclear.

How it works:

A user can have one or more Bitcoin addresses from which Bitcoins are sent or received using either a website or downloaded software such as a digital wallet. Many bitcoin services provide addresses tied to a user’s individual bank account to hold funds on the user’s behalf. The Bitcoin (BTC) exchange rate as of July 30 was 1 BTC = $101.88.

 

 

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid