Thailand Bans Cryptocurrencies as a Payment Unit

  • 8
The authorities claim that the wide use of digital assets threatens the country's financial system and economy.

What happened? Thailand will ban the use of cryptocurrencies as a means of payment for goods and services. The authorities said that digital assets threaten the country's financial system and economy.

The Securities and Exchange Commission has said that commercial operators, including cryptocurrency exchanges, should stop providing such payment services and promote the use of digital assets to pay for goods and services. However, the new regulation will not affect trading or investment in digital assets.

Deadlines. Although restrictions on digital currencies usage will take effect on April 1, companies will be given time until the end of April to start complying with the new rules.

What else? According to the new rules, digital asset service providers must stop advertising, requests, or creating a system to facilitate payment for goods and services through digital wallets. Business operators must warn customers about the use of digital assets for payments and can cancel their accounts if they violate the rules, the regulator said.

Context. In January 2022, the Thai government reported that the value of digital assets owned by Thais has increased from $285.6 million to $3.4 billion in just the last couple of years.

What does it mean? It means cryptocurrency payments for real estate transactions in Thailand will also be prohibited.

Also read: The Central Bank of Thailand Simplifies the Rules of Mortgage Lending to Support the Real Estate Market

Source: BNN Bloomberg

Quoting conditions of Prian.info materials

Share the link:
Tags: Thailand, Market Analysis, Investment

Read also

The prices for apartments and houses in Phuket have reached record levels
The costs of land plots do not lag behind as well.
Property prices in France are declining almost everywhere, except for tourist locations
High inflation and slump in sales are to blame.
House prices in Sweden are rising for the third month in a row
This is mainly due to the rise in prices of detached houses.
Fantastic Corfu
Let us show this magnificent island to those, who will arrive here by air and water in order to...
Portugal’s government to moderate the proposed changes to the Golden Visa program
Final wording of the «More housing» bill has been published
Worldwide prices for premium housing fall for the first time since 2009
In the first quarter of 2023, the annual price change in global luxury housing markets turned...

Interesting to read

News and articles on the topic «Thailand»

The prices for apartments and houses in Phuket have reached record levels

The costs of land plots do not lag behind as well.

  • 29.02.2024
  • 5

Thai Opposition Party is Against the Right of Foreigners to Purchase Land

The Pheu Thai party opposes the government's new plan to allow foreigners to own land for...

  • 01.11.2022
  • 25