a
Print
version

Thailand Bans Cryptocurrencies as a Payment Unit

  • 3
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

What Happenned? Top-5 News of the Week
News from Cyprus, Thailand, Estonia, Bulgaria, and Turkey.
How to Buy Real Estate in Thailand with Cryptocurrency
Talking about the outlooks of cryptocurrencies in real estate transactions.
Thailand Will Allow Foreigners to Own Land 
But only under special conditions.
Real Estate Facts That Will Surprise You in Israel
Every Israeli apartment should have a mamad. An alternative to it can be a house-wide mamak....
14 Facts About Vienna
For those who want to buy an apartment there.
Property Buying in Seychelles
Sorting out the pitfalls.

News and articles on the topic «Thailand»:

Thailand Will Allow Foreigners to Own Land 
  • 12
But only under special conditions.
What Happenned? Top-5 News of the Week
  • 25
News from Cyprus, Thailand, Estonia, Bulgaria, and Turkey.