Thailand bans banks from dealing with Bitcoin & Co.

Thailand bans banks from dealing with Bitcoin & Co.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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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...

Thailand bans banks from dealing with Bitcoin & Co.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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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