bitcoin.co.th trading suspended

[Chang Hum]

Op regarding Goats post showing you've started a thread inciting people to boycott thai goods, I feel absolutely ashamed we live in the same country and completely disgusted.... who in their fucking right mind uses Redit?

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[franky1]

i don't think it is the law at all. if anything i think it is the banks of thailand agreeing to make any wire transfers to known bitcoin exchanges, be classed as high risk. it would be more at aiming to stop businesses from getting money transmitter licences within thailand to set up exchanges.

there is nothing stopping people going to an ATM withdrawing their baht and meeting up at a local bar/coffee shop to do a paper fiat for bitcoin exchange.

just be careful trying to do wire transfers from a thai bank into places like mtgox/bitstamp

[dexX7]

 

Just stash them up ya arse mate

In my home country of America, the fundamental basis of law is that every act is LEGAL, unless there is a law that makes that act illegal.  Thailand’s fundamental basis of law is quite different – in Thailand, every act is ILLEGAL, unless there is a law (and process, and procedure) to make it legal.

Really man you just lost all credibility and can never gain it back. I hope this gets moved to speculation or maybe off topic.

In the west, we are more informed, so the government cant get away with random things like this. So thats the difference between uninformed people, and more or less well-informed people, its what their government gets away with.

And this is why my husband and I decided not to buy when BTC was only $1. We were afraid of being thrown in jail because we were tied to something that could be seen as tied to money laundering etc.

http://www.reddit.com/r/Bitcoin/comments/1j9pc4/time_to_boycott_thai_goods/

[Spekulatius]

On the plus side you can still mine...and send the bitcoins as gifts (within Thailand)

Which, I take it, would also mean only mining in pools within Thailand, otherwise the bitcoin you receive would be from outside Thailand and therefore illegal importation.

The funny thing is: Bitcoins are not from inside or from outside of Thailand or any other country! They are on the blockchain, thus exist in etheral cyberspace that has no nationality. Due to its decentralized nature, there are not even servers you could tie it down to.

[J603]

I haven't found a reliable source for this yet. Does anyone have one? And please don't link to reddit or another thread on here. If the reddit or bitcointalk thread has a source, I'd like that.

[cbeast]

There shall be No Bitcoin!

[smscotten]

On the plus side you can still mine...and send the bitcoins as gifts (within Thailand)

Which, I take it, would also mean only mining in pools within Thailand, otherwise the bitcoin you receive would be from outside Thailand and therefore illegal importation.

The funny thing is: Bitcoins are not from inside or from outside of Thailand or any other country! They are on the blockchain, thus exist in etheral cyberspace that has no nationality. Due to its decentralized nature, there are not even servers you could tie it down to.

Well, sure. I would agree with that. But if a country decided it wanted to make Bitcoin use illegal, they probably wouldn't trouble their ugly heads about such distinctions.

[J603]

I haven't found a reliable source for this yet. Does anyone have one? And please don't link to reddit or another thread on here. If the reddit or bitcointalk thread has a source, I'd like that.

OP is the only source. And his link is to his own website.

That is why this should not be in the press section. OP is not in the media.

To be fair, when I googled "Bitcoin illegal in Thailand" a lot of sites came up saying that it was. But they were all small time and none looked reliable. I figure that if bitcoins were made illegal major news sites would be on top of it.

[smscotten]

Theoretically, I could see the similarity between the commonly-used BTC and ฿ being the source of antifraud kinds of laws. On the other hand, I'd say someone who thought they were receiving ฿1000 and ended up with BTC1000 should keep their head down and enjoy their good fortune.

[J603]

Theoretically, I could see the similarity between the commonly-used BTC and ฿ being the source of antifraud kinds of laws. On the other hand, I'd say someone who thought they were receiving ฿1000 and ended up with BTC1000 should keep their head down and enjoy their good fortune.

What is ฿, as opposed to BTC?

[Lohoris]

Theoretically, I could see the similarity between the commonly-used BTC and ฿ being the source of antifraud kinds of laws. On the other hand, I'd say someone who thought they were receiving ฿1000 and ended up with BTC1000 should keep their head down and enjoy their good fortune.

What is ฿, as opposed to BTC?

I guess they are just upset that the B symbol is now more known for BTC than for THB : P

[jinni]

This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.

Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.

[jinni]

This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.

Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.

I can have my lawyer contact them officially but it will not be a quick reply.

But it is pretty much a waste of time.

OP openly admits he only got advice from a few bankers. Not a judge, not people who make laws not even a lawyer....

OP I doubt even speaks Thai and just got told what his wife/GF happened to hear.

Maybe if OP sobers up he can let us all know it was a rage post and he meant no harm.

The BOT surely has no interest in misinformed media outlets spreading the drunk ramblings of some crazed lunatic. Maybe it would be possible to get a quick statement from some kind of press contact or something. The FUD being spread right now looks really bad for both BOT and Thailand.

[samson]

This is complete FUD - with only one, unofficial source nobody should treat this as anything but lies.

Will the central bank of Thailand answer email questions sent in English? If not, can someone who know's Thai send them an email and ask them to confirm, clarify or most likely denounce this rumor.

I can have my lawyer contact them officially but it will not be a quick reply.

But it is pretty much a waste of time.

OP openly admits he only got advice from a few bankers. Not a judge, not people who make laws not even a lawyer....

OP I doubt even speaks Thai and just got told what his wife/GF happened to hear.

Maybe if OP sobers up he can let us all know it was a rage post and he meant no harm.

The BOT surely has no interest in misinformed media outlets spreading the drunk ramblings of some crazed lunatic. Maybe it would be possible to get a quick statement from some kind of press contact or something. The FUD being spread right now looks really bad for both BOT and Thailand.

It's midnight in Thailand now so you'll get nothing until tomorrow at the very earliest.

[smscotten]

What is ฿, as opposed to BTC?

About US$0.032 as opposed to US$100.18.

[Yurock]

Thailand’s fundamental basis of law is quite different – in Thailand, every act is ILLEGAL, unless there is a law (and process, and procedure) to make it legal.

I am curious, in such a system, on what basis would a penalty be determined? Suppose, they proved that you received bitcoins from abroad. What penalty do you get? How do they determine it, if there is no law saying: "for receiving bitcoins from outside Thailand the penalty is..."?

[J603]

Thailand’s fundamental basis of law is quite different – in Thailand, every act is ILLEGAL, unless there is a law (and process, and procedure) to make it legal.

Is this true? Who has the time to make all of the laws?

If it is true, then wouldn't selling any new product be illegal, since there are no laws regulating that new product?

[N12]

This is how the Bitcoin community and the media work. Remember Cyprus? Neither do I.

[yvv]

Funny how such a beautiful country can have such draconian laws like that

Well, in countries like this, toughness of draconian laws is often compensated by inability of government to enforce them. So, in practice, they may have even more freedom than people from "everything is legal unless it is prohibited" type countries

[kibblesnbits]

Senior members of the Foreign Exchange Administration and Policy Department concluded that because there were no existing laws that apply to Bitcoin and the fact that the cryptocurrency "straddles multiple financial facets", a wide range of Bitcoin activities should be illegal. These include buying and selling bitcoins, selling or buying any goods or services in exchange for bitcoins, sending bitcoins abroad or receiving them from anyone located outside of Thailand. The ruling has led Bitcoin Co. Ltd to cease operations until Thai laws are updated.

(From Wired)

It almost sounds like there was a meeting and the Thai-version of the SEC deemed it "illegal" until they could update the laws.  It's almost a "holy shit! it does what???" reaction.  It may be beneficial for Thailand and BTC for the powers-that-be to step back and get some regulations.  The phrase "until Thai laws are updated" is a good sign, IMO.