Thailand to Ban Cryptocurrency Payments

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Cryptocurrency

Thailand is to ban the use of cryptocurrency, like Bitcoin, as payment for goods and services.

Reuters reported this week that the Thai Securities and Exchange  Commission (SEC) and the Bank of Thailand (BOT) have agreed that digital currencies pose a risk to the nation’s economy and stability.

In 2021 more than 8.5 billion USD was laundered through cryptocurrency. Businesses will have 30 days to comply with the ban after it goes into effect.

According to a survey by the German market intelligence company Statista, about 30% of Thai people currently own so-called “digital assets.”

The island of Phuket, where about 4,000 Russians have been stranded due to the Russia-Ukraine conflict, had been considering a plan to offer the trapped tourists a crypto-payment option.

Indonesia and Singapore have also limited the use of cryptocurrencies out of fears of security issues and money laundering.

Meanwhile, Laos has authorized two companies to act as exchange platforms for cryptocurrency, with the Bank of Laos monitoring their activities in order to mitigate risks for investors.