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Bank of Thailand tells financial companies to stay away from cryptocurrency

12 February 2018 21:00, UTC

Veerathai Santiprabhob, governor of the Thai financial regulator, recommends not to engage with the cryptocurrency market in his recent announcement addressed to the local companies operating with traditional money and on regular market.

This means that any Thai organization will not meet support from the Bank of Thailand if it uses crypto payments, invests in cryptocurrency or sets up a new digital currency exchange platform.

Also, the popular trend of locking credit card payments for Bitcoin has reached “the Land of Smiles”, as people sometimes call this country: now credit card payments for cryptocurrency are banned on the state level. This might be a defense mechanism against those investors who would borrow money from banks to buy digital coins and lose everything after unlucky investment. Such people exist in America, confirms one of LendEDU’s surveys, and there is no reason to believe they do not exist in Thailand.

Before the BoT, the major banks of America and Great Britain have taken the same measures and blocked the opportunity to buy Bitcoin with their credit cards, which makes it a rare occasion when a prohibitive trend starts in the West and continues in the East, not vice versa.