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Thursday, May 19, 2022

🎓 Thailand bans cryptocurrency payments

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Currently, the dependence on digital currencies is increasing significantly in a large number of countries, the country of Thailand announced a new negative decision, in contrast to the majority of countries that issue positive decisions on digital currencies.

Thailand has decided to stop dealing with digital currencies and completely ban their use in payment operations in the country, according to the issued decision, and the implementation will start from next April.

Thailand took this step after previous meetings between the Securities Commission and the Bank of Thailand, where it was decided that they should regulate the handling of digital currencies so that digital currencies do not have a negative impact on the country’s economy.

The Securities and Exchange Commission said it will give crypto trading managers and crypto platforms 30 days to comply with the new laws.

It has also been prohibited to provide any promotional service for handling digital currencies as payment for any of the goods or services provided in the country.

On the other hand, the good news is that the new decision will not be implemented in China, as the Securities and Exchange Commission confirmed that the new laws will not affect trading and investment in cryptocurrencies.

The Securities and Exchange Commission confirmed that its decision was made after taking into account the inherent risks associated with digital currencies due to price fluctuations, the possibility of being hacked or used to launder money.

Thailand has previously stated that it is trying to regulate dealing with digital currencies as it has become very popular in various parts of the world with its accelerating economic inflation.

Indonesia has also warned against making it easier to deal with digital currencies, such as allowing payment for various goods and services.

Thailand is currently considering allowing only Russians and Ukrainians to pay for cryptocurrencies, as Visa and MasterCard are banned for Russians due to international sanctions on them.

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