Crypto usage for payments got banned by Thailand

From April 1st Thailand will ban the usage of digital currency as a means of payment for goods and services.

Thailand resumes its rather controversial relationship with the cryptocurrency industry by executing a ban on using digital assets as a means of payment. The nation is worried that it could threaten its financial system and economy.

  • The reports from march 23rd say that cryptocurrency exchanges and other companies from the industry must stop giving digital asset payment services as of April 1st.
  • This ban also restrains them from promoting the use of cryptocurrencies as a means of payment method for goods and services.
  • The new rule will come into operation on April 1st. But local businesses only have until the end of this month to comply with the new rule.
  • This comes after many hypotheses and discussions about the nation’s possible approach to the crypto industry.
  • The last report claimed that from this year Thailand will implement comprehensive regulations. Furthermore, the nation is thinking about what sorts of taxation it should impose.
  • Bloomberg’s coverage stated that this year Thailand holds more than $3 billion worth of cryptocurrencies which is a massive increase compared to just a few years ago.
  • Thai SEC said, while it is true that digital assets will be banned from being used as payment tools but trading and investing in them will still be allowed.