Bank of Thailand announces a ban on using cryptocurrency for goods and services payments, starting April 1st

[snoop1130]

Sethaput Suthiwartnarueput

 

The Bank of Thailand (BOT) has insisted on a cryptocurrency ban for goods and services payments in Thailand, reasoning that it was not a suitable medium as there was already a current digital payment system (Promptpay).

 

BOT Governor Sethaput Suthiwartnarueput revealed yesterday, March 23rd, that the reason why the BOT considers cryptocurrency not suitable as a means of payment for goods and services in Thailand was that, saying that when considered with the BOT core, the digital currency, although innovative, could not meet Thai legal requirements of being a means of payment in the country.

 

He said: “The core belief of the Bank of Thailand which would not change was the presence of the government to maintain the value of money and the stability of the financial system. The current system (Promptpay) had been proven stable with high efficiency. But cryptocurrency, although innovative, was classified as a trend that does not meet the needs of being a medium for payment of goods and services.”

 

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Full Story: https://thepattayanews.com/2022/03/24/bank-of-thailand-announces-a-ban-on-using-cryptocurrency-for-goods-and-services-payments-starting-april-1st/

 

-- © Copyright The Pattaya News 2022-03-24

 

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[MaiDong]

April fools? 

[WEBBYB808]

So does this mean the Thai cryptocurrency,  "Bot Gub", is also not accepted?  Or is that one ok?  Anyone looking to sale their now worthless in Thailand cryptocurrency,  only in Thailand?  I'll pay pennies on the dollar.  I can use them in other civilized  countries?

[Chris Renaix]

4 hours ago, WEBBYB808 said:

So does this mean the Thai cryptocurrency,  "Bot Gub", is also not accepted?  Or is that one ok?  Anyone looking to sale their now worthless in Thailand cryptocurrency,  only in Thailand?  I'll pay pennies on the dollar.  I can use them in other civilized  countries?

What is Bot Gub?  Maybe you mean Bitkub?

[Koguma]

But crypto currency was good enough to run the Thai elections.  First election on the blockchain using Firo.

What will happen with D-Elect? 

[WEBBYB808]

4 hours ago, Chris Renaix said:

What is Bot Gub?  Maybe you mean Bitkub?

Yes, my mistake,  thanks  for correcting 

[Cake Monster]

The BOT obviously see that there is liquidity required in the Baht

How are all those "Trapped Rusky Tourists " going to pay their Bills after April 1st.

This also dampens the squib of trading with the Russian in Crypto to circumnavigate Sanctions.

[Sametboy2019]

Banning it from April 1st? Havent seen anywhere previously offering payments in Crypto

[Will B Good]

Interesting......Russia are said to be contemplating bitcoin payments for oil........wonder how that will impact the markets?

[Whale]

13 hours ago, WEBBYB808 said:

So does this mean the Thai cryptocurrency,  "Bot Gub", is also not accepted?  Or is that one ok?  Anyone looking to sale their now worthless in Thailand cryptocurrency,  only in Thailand?  I'll pay pennies on the dollar.  I can use them in other civilized  countries?

It only means that it cannot be used as a currency to buy good or services in Thailand. nothing else. Its not a biggy IMHO.

[how241]

Very good chance Thailand will flip-flop their position as they seem to do with many subjects. Give them a few weeks and there is a good chance of them changing their position. 

[Heng]

The ban should be about as effective as the ban on massage parlours with 20 meter tall neon signs that they don't seem to notice.