Thailand To Ban Cryptocurrency As A Payment Method From April 1

Thailand will ban the use of digital assets to pay for goods and services from April 1. This decision was made after the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) discussed the need to regulate the activities of digital asset operators, as this could affect the financial stability and economy of the country.

The SEC noted that operators of digital assets, including crypto exchanges, will have 30 days to comply with the new rules from the effective date. Companies in Thailand will be prohibited from advertising the acceptance of payments in cryptocurrencies and from creating systems, tools and wallets that will facilitate transactions in cryptocurrencies.

The good news for crypto fans in Thailand is that the restrictions are not as severe as in China. The SEC has confirmed that the rules will not affect trading or investment in digital assets. Last October, Thai Prime Minister Prayuth Chan-ocha urged investors to soberly assess all the risks associated with digital assets, as well as be prepared for the loss of all savings.

Image: Coincu News