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The Bank of Thailand rule virtual Bitcoins as illegal resulting in trading ban.

The Bank of Thailand rule virtual Bitcoins as illegal resulting in trading ban.The Bitcoin has been getting a fair bit of flack from some countries governments, something which we touched upon in more detail here, but right now we’re focusing on the news that Thailand’s government The Bank of Thailand have now ruled the virtual currency as illegal which has forced Bitcoin Co. Ltd. Thailand to indefinitely suspend trading of Bitcoins in the Southeast Asian country.

As a result of the ruling buying, selling, or mining Bitcoins, or using them in exchange for goods or services is banned. This also includes sending or receiving Bitcoins from outside Thailand.

According to the announcement on Bitcoin Co. Ltd. Thailand’s website they have “been in the process of registering with the various Thai government agencies in order to operate in a lawful manner.” but whilst in a conference with Bank of Thailand the main bank which regulates financial transactions in the country. The main reason for the ruling is “due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets”.

The Bitcoin exchange said:

Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin.

So the ruling may not be permanent but we may be waiting a long, long time for the Bank of Thailand to update it’s laws to account for the Bitcoin.

[Source: Bitcoin Co. Ltd. Thailand via The Next Web]

  • Maron Michardson

    Look up the whois information for bitcoin.co.th … Registered 50 days ago and only for 2 years… wtf is that about? No one had heard about this company before this story broke, so, at this point its probably safe to assume bitcoin.co.th is a scam that has decided to take the money and run… and by “the money” I mean all the funds that customers deposited. You can do better than this, blogger.

  • john

    So is the Bank of Thailand the government? I don’t think so. Disinformation.