Thailand bans payments with bitcoin

The Thai stock exchange watchdog, together with the country’s central bank, has decided that entrepreneurs are not allowed to accept payments with bitcoin and other crypto currencies. Investing and trading with bitcoin is still allowed. Companies themselves bear the responsibility not to receive payments with crypto.

Regulations

The Thai ??????Securities and Exchange Commission (SEC)??????? US regulator of securities markets with the aim of protecting investors.?? . announced the new rules last week. From April 1, companies have 30 days to comply with the new regulations. According to the SEC, a ban is the way to safeguard financial instability and protect the national economy.

?ǣDigital asset providers are prohibited from promoting or incentivizing payments for goods and services using cryptocurrencies,?ǥ the announcement read. SEC SEC US securities market regulator with the aim of protecting investors.?? .

Furthermore, wallets that would be used specifically for payments, advertisements and any other form of advertising for the use of bitcoin as a medium or exchange are prohibited. It is not clear which wallets the SEC is referring to exactly.

Store of value

The Thai regulator has not banned investing and trading in bitcoin and other cryptocurrencies. On its website, the Bank of Thailand even claims to ?ǣsee the benefits of the different techniques behind digital assets such as blockchain and to support innovation in this sector.?ǥ

Commercial banks are also allowed to invest in bitcoin, but there will be a limit on the amount. ??????Only??????? 3% of the investment capital is allowed to go to digital assets. The limit should maintain and even strengthen confidence in the banking system. It is not yet certain whether this limit will actually be implemented. This specific point has yet to be decided.

The regulations regarding Bitcoin vary worldwide, read all about it here.

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