Thailand Bans Use of Cryptocurrencies for Payments

By Matt Brienen

Published: 2022-03-23T15:58:11+00:00

Thailand's Security and Exchange Commission (SEC) announced that it will implement a ban on crypto as a payment method starting from April 1, 2022.

In a statement on Wednesday, the regulator said that cryptocurrencies may affect the financial system's stability, posing risks to the country's economy.

Other risks highlighted by the SEC include the loss of value due to price volatility, cyber ​​theft, and personal data leakage. The regulator added that cryptocurrencies such as Bitcoin may be used as a tool of money laundering.

Thailand's Security and Exchange Commission (SEC) announced that it will implement a ban on crypto as a payment method starting from April 1, 2022.

In a statement on Wednesday, the regulator said that cryptocurrencies may affect the financial system's stability, posing risks to the country's economy.

Other risks highlighted by the SEC include the loss of value due to price volatility, cyber ​​theft, and personal data leakage. The regulator added that cryptocurrencies such as Bitcoin may be used as a tool of money laundering.

Today's announcement is likely to be a blow for many Thais who own cryptocurrencies.

Per a Bloomberg report citing the Thai government data, as of January 2022, the value of digital assets held by citizens has soared to 114.5 billion baht ($3.4 billion) from 9.6 billion baht just a few years ago.

The Tourism Authority of Thailand (TAT) also nourished hopes that cryptocurrencies would help attract wealthy tourists to boost the nation's post-pandemic economy.

Today's announcement is likely to be a blow for many Thais who own cryptocurrencies.

Per a Bloomberg report citing the Thai government data, as of January 2022, the value of digital assets held by citizens has soared to 114.5 billion baht ($3.4 billion) from 9.6 billion baht just a few years ago.

The Tourism Authority of Thailand (TAT) also nourished hopes that cryptocurrencies would help attract wealthy tourists to boost the nation's post-pandemic economy.