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Thailand becomes the first country to reject Bitcoin

Published time: July 30, 2013 08:47
Edited time: July 31, 2013 06:22
Image from flickr.com user@zcopley

Image from flickr.com user@zcopley

The Bank of Thailand has banned operations of the internet-only currency Bitcoin, citing a lack of existing laws and capital controls.

After a Bitcoin presentation to the Thai government aimed at explaining how the crypto currency works, as well as its benefits, the country’s authorities ruled that “…Bitcoin activities are illegal in Thailand”.

A Bitcoin team was in Thailand to allay government doubts and to get the currency legitimized in the country.

The verdict means that it’s illegal to use Bitcoins in settlements within Thailand, as well as send it to or receive it from any other country.

The decision by Thailand marked the first major stumbling block for the virtual currency towards wider acceptance. Bitcoin Co. Ltd hopes the country could change its mind at some point. “…the Bank of Thailand has said they will further consider the issue, but did not give any specific timeline,” Bitcoin said in a statement on its web site.

Introduced in 2009, the Bitcoin currency has recently seen increased pressure on all fronts. The latest blow came from the US Securities and Exchange Commission (SEC) in Texas that blamed the state’s Bitcoin operator Trendon Shavers of McKinney for defrauding its clients using a Ponzi scheme. Trendon Shavers promised its Bitcoin investors a 7% interest per week. The SEC said the Texas operator simply used money from new investors to pay out the promised fortune to those already hooked, which represents a classical Ponzi scheme.

Bitcoin has been seen by some US citizens as an alternative to conventional money, to escape currency manipulations by its government. It's a time when the traditional greenback, as well as other world currencies, have been under increased pressure due to the economic crisis.


Comments (29)

 

Mark 23.08.2013 07:22

That a load of dung. If you read what they wrote, you will see that it does not say that. The Bitcoin site in question has obliged by closing its doors to Bitcoin and then in front of the world, begin selling miners, so Thais can get Bitcoins. Something smells like BS in all of this and I would like to guess that they found themselves with a lack of profit, or debt and then made up the story to get out of the jam they are in. What a sad day for Bitcoin when rogues like this can create so much damage, due to stupidity in attempting to be business professionals.

 

Jaimito Sutuchi 31.07.2013 14:15

Thailand will drop that law in a hot second when those millions of tourists start looking for bitcoin acceptance. Give them two years and poof that law won't even appear in their history books.

Anonymous user 31.07.2013 07:57

Only those can earn Bitcoin who have strong PC. This is nonsense. Again the rich wins.

View all comments (29)
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