Bitcoins banned in Thailand Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency.

http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

The ruling means it is illegal to buy and sell Bitcoins, buy or sell any goods or services in exchange for Bitcoins, send any Bitcoins to anyone outside of Thailand, or receive Bitcoins from anyone outside the country

Now that may put a few noses out of joint - especially among Russian traders.

http://www.theguardian.com/technology/2013/jul/24/bitcoin-alleged-ponzi-fraud

Boater

May I congratulate you on passing your 11+ in reading.

Although you have graduated from the Mail to the Grauniad, you still must study hard if you want to achieve the pinnacle of Observer-study.

Back to the Bitcoin - do the geeks believe that it can run alongside recognised currencies? Although most national currencies have abandoned any idea of have tangible assets such as gold backing their issuance, they still have some credibility in that their national governments will usually support them to a large extent. The national entity may decide to devalue, thus not fully backing the currency, but the will still participate in international trade and in currency exchange mechanisms, thus giving an air of credibility to the currency. The Bitcoin has no such support and could be manipulated far more easily by an educated charlatan, as shown in your quoted article.

I have £7000 in monopoly money....and you are due me another £500 Boater cos I saw ya step off Villiers St and onto the Strand yesterday!