Thailand’s Securities and Exchange Commission recently announced that the Thailand government would ban the use of cryptocurrencies as a payment method. The main idea behind this move is that a cryptocurrency ban will protect the country’s economy and the stability of its financial system.
Thailand Bans Cryptocurrencies as a Means of Payment
According to the recent statement, Ethereum and Bitcoin will become illegal as the form of payment for goods and services in Thailand, starting April 1, 2022.
The cryptocurrency ban is in line with the previous discussion between the Thai SEC and the Bank of Thailand. These two organizations considered the risks and perks of using cryptocurrency and concluded that the industry needs further regulation.
This decision means that all crypto exchanges, crypto-related service providers, and advertisers must stop all operations soon. What’s more, they must notify their customers about the newest regulation.
The Thai SEC further explained that the cryptocurrency ban is imperative, especially since cryptocurrencies pose a certain risk to the country’s economy and financial stability. The government is also worried about the use of cryptocurrencies in money laundering and similar illegal acts.
Thailand is one of the countries that showed a desire to accept cryptocurrency in the past few years. This is why this decision caused a big blow to crypto investors in this country.