Thailand Bans Crypto Usage for Payments: Report

Thailand continues with its rather controversial relationship with the cryptocurrency industry by implementing a ban on using such assets as a means of payment. The nation warned that they could threaten its financial system and economy.

• The reports from earlier on March 23rd, citing the local watchdog, inform that cryptocurrency exchanges and other companies from the industry must stop providing digital asset payment services as of April 1st.
• The ban also prohibits 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 start of next month. However, local businesses will have until the end of it to comply with the new regulations.
• This comes after enhanced speculations and internal discussions about the country’s possible approach to the crypto industry.
• Previous reports claimed that Thailand will implement comprehensive regulations as of this year. Additionally, the nation dabbled with what sorts of taxation it should impose.
• Bloomberg’s coverage noted that Thais hold more than $3 billion worth of cryptocurrencies as of this year – a massive increase compared to just a few years ago.
• While digital assets will be banned from being used as payment tools, the Thai SEC said trading and investing in them will still be allowed.