Crackdown Alert!! Cryptocurrencies Banned In Thailand

khwaeng wat bohong , Thailand By Alexandr Podvalny

Thailand is going to bar the use of bitcoin and other cryptocurrencies as means of payments for goods and services citing threat to its financial system and economy.

Security and Exchange Commission of Thailand said that it is going to ban crypto payments from 1st April, 2022. The commission said that it is following the example of other countries like Europe, U.K. , Malaysia and South Korea of curbing the usage of cryptocurrencies for payments.

The SEC cited this step as a preventive measure for money laundering while protecting the stability of the economy.

It will not affect the regular trading activities of cryptocurrencies as the authorities stressed that the ban is only for payments.

Crypto trading activities has gained massive popularity in Thailand over the past couple of years. The value of digital assets held by Thais is estimated to be around $ 4 billion dollars and is increasing every passing day.