[2018-02-14] Thailand’s Central Bank Asks All Local Banks to Avoid Dealing With

[Vladdirescu87]

The Bank of Thailand has released a circular appealing to banks to avoid dealing with any business involving cryptocurrencies, as their suspicion of digital currencies grows into a real fear of the possible problems with trading in an unregulated financial market.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/thailand-bank-asks-to-avoid-dealing-with-cryptocurrencies/

[BitHodler]

One big hypocrite the Thailand central bank is. Instead of pointing at money laundering and whatnot, just admit that you want to buy time to come up with proper regulations. It's basically what China is doing too.

Thailand however only prevents banks *temporarily* to not get involved in anything related to crypto. Not sure how long they need to come up with regulations, but they'll be back at whatever later point.

This means that the local market there will grow significantly in the coming months and potentially years. It's a weak move, but it won't prevent or discourage people from walking an alternative route to reach their goal.

[CryptoBry]

I am not so sure but this can be because there is still no law on cryptocurrency and until then to avoid complications banks are advised not to get involved with any crypto-related business. Based on my understanding, there is a keen interest expressed by the government to regulate cryptocurrencies in Thailand and soon this can be an open market just like Japan. What we are seeing now can be just the normal birth pains in dealing with something that is new and they must be avoiding any mistakes that can be committed before any regulation can be implemented. Just like the Philippines and Malaysia, Thailand can be a good market for Bitcoin and the likes but we have to wait -- just like in Russia -- for some time before things will get settled and legalized.