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Thailand bans the use of cryptocurrencies as a means of payment and sets implementation date

Thailand bans the use of cryptocurrencies as a means of payment and sets implementation date

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Answer Thailand bans the use of cryptocurrencies as a means of payment and sets implementation date

Thailand continues its controversial relationship with the cryptocurrency industry.

Recently, the Thai government imposed a ban on the use of cryptocurrencies as a means of payment.

It warned that digital currencies could threaten its financial system and economy.

indicate Reports Issued earlier today, March 23, quoting a local watchdog, indicated that cryptocurrency exchanges and other companies in the industry should stop offering cryptocurrency payment services as of April 1.

The ban also prevents them from promoting the use of cryptocurrencies as a payment method for goods and services.

As mentioned above, the new rule will come into effect at the beginning of next month.

Read:Binance is investing $3 million in a crypto startup

Local businesses will have some time to comply with the new regulations.

This comes after reinforced speculation and internal discussions about the state’s potential approach to the cryptocurrency industry.

Previous reports claimed that Thailand will implement comprehensive regulations from this year.

Additionally, Thailand has engaged in the types of taxes it should levy.

Bloomberg coverage indicated that Thais own more than $3 billion in cryptocurrency as of this year which is a massive increase compared to just a few years ago.

While the use of cryptocurrencies as payment tools will be banned, the Securities and Exchange Commission of Thailand said trading and investment will remain permitted and available.

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