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.”
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.