Rimbit you are completely wrong.
The BoT advised that in their opinion buy/selling bitcoins, receiving payments in bitcoins or sending bitcoins internationally was illegal. And that the company should stop is operations right away.
There is no such department.... Foreign Exchange Administration and Policy Department
http://www.bot.or.th/English/AboutBOT/Documents/organ_Eng.pdfhttp://www.bot.or.th/English/AboutBOT/ExecutiveDirectory/Pages/BOTexecutive.aspxMaybe we should inform the people working in that department that their department does not exist?
Since the shit storm that surrounded the issue has subsided I can speak somewhat more freely. I'm involved with Bitcoin Co. and is owned partially by my wife (who is also knowledgable on Bitcoin although less so than myself).
In Thailand it is a criminal offense to operate as an unlicensed money changer, with a penalty of
prison time. Bank of Thailand controls and enforces money changing licenses. It is easily conceivable that BoT can make an argument that OTC bitcoin exchangers are operating as a "money changer":
http://www.bot.or.th/English/ForeignExchangeRegulations/FXRegulation/Pages/ExchangeControlLaw.aspxWith criminal penalties on the table this is why the company sought clarification on the issue.
The Bank of Thailand said very specifically in a meeting with them that they considered the business of buying and sell bitcoins to be illegal and that the company should cease activities immediately. I was present at this meeting in the capacity of of an expert on the topic of Bitcoin.
A few laws cited:
Law: look at #4
http://www.kodmhai.com/m4/m4-2/h82/m1-9.html กฏควบ คุมการแลกเปลียน มาตรา 4
Law: look at #9
http://www.baanjomyut.com/library/law/82.html พ ร บ เงินตรา มาตรา 9
English version:
http://www.samuiforsale.com/law-texts/thailand-currency-exchange-control-act.htmlAlthough in the Thai version "legal tender" appears to be more ambiguous.
After the meeting and ensuing media storm; the BoT did write to the company requesting further detailed information about Bitcoin and the company operations. My wife wrote a long letter back to them explaining in detail the operations of the company, details about Bitcoin in general and recommendations for BoT.
Including in these recommendations was that BoT should issue a specific Bitcoin trading license that would allow companies to strive and the technology to develop within Thailand; while giving BoT reporting information and the ability to tailor any needed limitations to the evolving environment.
However the BoT has yet to give any response to this followup letter.
I spoke more candidly on the issue at a seminar/meetup on Bitcoin last week in Bangkok. The organizer had done his homework contacted BoT directly prior to the seminar and they had written back to him that "You should consider bitcoin on pause;
you should not buy, sell or use any bitcoins" (quote might not be word for word but that's basically what he had on a powerpoint. (Contact Bart if you want to get exact quote:
http://www.meetup.com/Bangkok-Entrepreneurs/events/130740472/)
Basically the problem is that any way you could reasonable define/classify a Bitcoin then the BoT or SEC is charged with the power to regulate it.
There was never any claim made that mining or the sale of mining equipment was in any way illegal. In order to make any argument that mining was illegal one would also need to claim sale of computers was illegal. As such the company is dappling in mining instead of simply treading water and doing nothing at all.
https://bitcoin.co.th/changing-gears/Im pretty sure you wont find any real news on the subject as it was a non event orchestrated by a failing business model.
Far from the truth, the OTC business model was very profitable and expanding...certainly not a "failing business model".
