Thailand ban using crypto for payments

[coolcoinz]

Many countries did the same at some point. Russia did it when they were working on their digital ruble. Usually countries that are afraid of their fiat currency becoming unstable block or limit bitcoin payments. It's not something you should be concerned about because if they wanted to stop people from buying bitcoin they'd ban it completely, but they only want it not to be accepted in stores as a form of payment, which is stupid and counterproductive. It shows the country is afraid of something, maybe facing some internal problems and is trying to enforce more use of government-issued money. People will still use crypto despite such ban and they will exchange it for fiat. They don't need payments to be enabled.

I wonder how much is the percentage of users using their cryptocurrency for payment transactions, I believe most of us are here for capital appreciation. Well, the ban is meant to secure the future of their fiat currency since they are already working to make it digitalize, they can’t compete with cryptocurrency so the best solution is to ban it. This happened on many countries already, and look at them right now, they are making Bitcoin legal, Russia is a big example here. This is not permanent, expect a lot of changes with regards to restrictions in the future.

Overall, I'd say maybe 5% of bitcoin users buy things with it. Maybe even less. I had coins for many years and I've paid for things like online services and computer games, but it was maybe once a year.

When it comes to poorer countries like Thailand I'd expect the numbers to be even lower. Maybe 10% of the whole populations have used bitcoin, out of which half is still holding and out of that half maybe 1% is spending. Those aren't real statistics but if you have these please prove me wrong. I'd really like to see a proof that at least 10% of bitcoin users in Thailand pays with it on regular basis. With the way Bitcoin is developing it's not going to happen. People are going to be hoarding and using it for collateral while spending stable coins and fiat. A payment ban will not change anything.

[verita1]

The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

[darkangel11]

The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

So there's a threat of laundering money through simple services like paying fora pizza or a taxi but there's no threat of laundering on exchanges? I think the government of Thailand has no idea how things work in crypto

I agree with people who say the ban won't do much to an average user. They will still have an option of exchanging their coins or even buying goods and services like they do for cash. How are they going to check if someone bought a moped with cash or with crypto if both sides say it was cash?

[stepwilli]

So there's a threat of laundering money through simple services like paying fora pizza or a taxi but there's no threat of laundering on exchanges? I think the government of Thailand has no idea how things work in crypto

I agree with people who say the ban won't do much to an average user. They will still have an option of exchanging their coins or even buying goods and services like they do for cash. How are they going to check if someone bought a moped with cash or with crypto if both sides say it was cash?

I read the first page and it says only individual trades are allowed or P2P therefore non-P2P exchanges are included in the ban. It's going to be weird if they restrict the use of crypto only for small service and not for big service because laundering usually happens on big services such as in trading platforms, in mixing sites, and also in gambling sites. Most people use crypto only for investment and maybe a little bit of trade?

So, the kind of ban that happened in Thailand is not a big problem for them. Never heard that crypto has been approved as legal tender in Thailand so there is no problem with buying goods there, they can always use their local money.

[qwertyup23]

The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

This is interesting- so the threat came from the idea that users might be involved in money laundering by using crypto payments? I think the possible remedy for this is to regulate their local exchanges with more KYC documents, if they have any. Though the problem lies on the fact that if people were to transact using globally/universally accepted exchanges, then it would be difficult for their government to track down their payments.

This is one of the negative effects of transacting cryptocurrencies but I do personally think that its positive effects outweigh such negative effects. The opportunity of integrating BTC into your financial method can have a positive impact in payments, in general.

[Cling18]

The prohibition is due to the concern of the regulatory body for money laundering and the inability to respond to this fact.

Crypto users in Thailand will still be able to use exchanges and P2P.

It is a shame because with the model of Thailand because it is one of the countries with the most experience in crypto, it can provide a path to follow for other nations to adopt bitcoin.

Money laundering around crypto will be present, there will be much to learn and how to act to avoid the dark side of money.

This is interesting- so the threat came from the idea that users might be involved in money laundering by using crypto payments? I think the possible remedy for this is to regulate their local exchanges with more KYC documents, if they have any. Though the problem lies on the fact that if people were to transact using globally/universally accepted exchanges, then it would be difficult for their government to track down their payments.

This is one of the negative effects of transacting cryptocurrencies but I do personally think that its positive effects outweigh such negative effects. The opportunity of integrating BTC into your financial method can have a positive impact in payments, in general.

As for me, no matter how their government prohibit the use of cryptocurrency in different transactions, they couldn't totally stop people from using cryptocurrency because they won't be able to track or even regulate it. That I think is the advantage of using crypto. There are plenty of ways to encash their crypto funds so I don't think it would be a big threat for them.

[Rana590]

Actually government don't want to down the banking system. In a country, all the people are not educated and well known to crypto. Payment system in digital method is useful but it will need more time. Banning of Bitcoin isn't good news for crypto lovers.

[tbterryboy]

As for me, no matter how their government prohibit the use of cryptocurrency in different transactions, they couldn't totally stop people from using cryptocurrency because they won't be able to track or even regulate it. That I think is the advantage of using crypto. There are plenty of ways to encash their crypto funds so I don't think it would be a big threat for them.

If the government concern is because of money laundering, then banning cryptocurrency wasn’t really a good idea. I think the best decision they would have made was to look further into how to regulate cryptocurrency transactions and be able to turn out transactions that has to do with laundering of money.

But, by banning cryptocurrency they are encouraging a lot of people to move into peer to peer trading and that means there would be no way for them to be able to keep record of some of the transactions that are taking place through cryptocurrency. So, the decision they made wasn’t really a good one. The government always thinks that they can just ban cryptocurrency and people would stop making use of it, but it never works that way.

[dbc23]

This is just a partial ban at least exchanges can still carry out p2p transactions and crypto can still be traded on exchanges. I think the reaction of the people of Thai towards the limitation will decide the next of their leaders on either to ban the asset completely or reverse the ban. Most times i blame crypto users for most ban that comes by on crypto in their locality because many tend to abuse the privacy by using the system for illegal transactions and funding illicit acts

[bearexin]

For sure whether they like it or not individual trading of cryptocurrency is not going to stop. I have never seen a place where the government has been able to stop people from making use of Peer to peer exchanges. In countries where cryptocurrency has been banned, people still continue to make use of P2P exchanges and it has been the savior of the day every time that the government decides to make such a move on the cryptocurrency community in any country.

The only platforms that usually get affected by these laws at the exchanges that are centralized. These are the ones that falls under the government rules and they work with banks, so if the government decides that they want to ban them at any moment they can do that easily.

[Oceat]

This is just a partial ban at least exchanges can still carry out p2p transactions and crypto can still be traded on exchanges. I think the reaction of the people of Thai towards the limitation will decide the next of their leaders on either to ban the asset completely or reverse the ban. Most times i blame crypto users for most ban that comes by on crypto in their locality because many tend to abuse the privacy by using the system for illegal transactions and funding illicit acts

Do you have a link to support your comment?

Even if they ban using crypto for payment they still can't track or know who's using crypto as a payment but unless of course if people choose to use their local exchange to exchange fiat. Although, we don't know why their government has to do it but maybe what the above said might be true that their government planning to make their own CBDC.

[Silberman]

For sure whether they like it or not individual trading of cryptocurrency is not going to stop. I have never seen a place where the government has been able to stop people from making use of Peer to peer exchanges. In countries where cryptocurrency has been banned, people still continue to make use of P2P exchanges and it has been the savior of the day every time that the government decides to make such a move on the cryptocurrency community in any country.

The only platforms that usually get affected by these laws at the exchanges that are centralized. These are the ones that falls under the government rules and they work with banks, so if the government decides that they want to ban them at any moment they can do that easily.

That is what the governments do not seem to understand, trading peer to peer without any middleman was the way bitcoin was supposed to be exchanged, however out of convenience people began to use centralized exchanges, if governments keep applying pressure to centralized exchanges then we will come to the point in which decentralized exchanges and peer to peer trading will form the bulk of all the trades taking place, negating in the process all of those regulations that governments are putting forward in order to control or to ban bitcoin.

[Dunamisx]

For sure whether they like it or not individual trading of cryptocurrency is not going to stop. I have never seen a place where the government has been able to stop people from making use of Peer to peer exchanges.

Don't worry, it a matter of time because i believe they will all come in concession to the rhythm of crypto, why is because the world now is fully going digital and any country that want to move along with the economy must ready to go digital and adopt the universal digital currency (bitcoin).

In countries where cryptocurrency has been banned, people still continue to make use of P2P exchanges and it has been the savior of the day every time that the government decides to make such a move on the cryptocurrency community in any country.

You see, each country have their own way of reasoning once it comes to public opinions, some tend to forget that it is the masses vote that catapulted them to that position they held. look at how business is growing and booming in the middle east, the government there create a suitable regulation for cryptopreneurs and also back them up, no even a single threat of ban, because they understand the trend and follow the suitability to favour their economic growth.

[Fivestar4everMVP]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

[Silberman]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

Governments may eventually give up on their aim to ban bitcoin as they realize it is something impossible to do, but now they are trying the second best alternative for them, which is to try to impose several regulations and then to try to transform bitcoin ito just another form of fiat, if I remember correctly the EU is already trying to ban anonymous transactions in the blockchain, I doubt it will work but at least it has bigger chances of success than an outright ban, so it will take a very long time before governments give up on their desire to control this market.

[Hamphser]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

Governments may eventually give up on their aim to ban bitcoin as they realize it is something impossible to do, but now they are trying the second best alternative for them, which is to try to impose several regulations and then to try to transform bitcoin ito just another form of fiat, if I remember correctly the EU is already trying to ban anonymous transactions in the blockchain, I doubt it will work but at least it has bigger chances of success than an outright ban, so it will take a very long time before governments give up on their desire to control this market.

The thing i do see on the way that they could possibly engage or take involvement into this market which is to target out those platforms and businesses that is attached to it even though they cant control

over crypto market but having imposing these regulations and making even more tighter would really be having some significance or could really be felt out which is something that we should expect
that it would really be more rampant or common in more future years to come because controlling it literally or technically is totally impossible.

[TimeTeller]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

It will only be a matter of time before they change their stance on crypto.
If they see other advanced countries that are very open to crypto market, they would think, why they are very strict to it?
And if they observe the impact on the economy, they will re-assess their protocols.
Because if they will stick to their laws, they will find out quick that they may be are left behind.

[LUCKMCFLY]

This is just a partial ban at least exchanges can still carry out p2p transactions and crypto can still be traded on exchanges. I think the reaction of the people of Thai towards the limitation will decide the next of their leaders on either to ban the asset completely or reverse the ban. Most times i blame crypto users for most ban that comes by on crypto in their locality because many tend to abuse the privacy by using the system for illegal transactions and funding illicit acts

It is unfortunate, because the countries whose policies are not acceptable result in people becoming irreverent, and do not stop governments, there will always be ways to enter any page or tool that makes them produce money.

Governments, or most governments are not so cunning, or better yet they do not apply intelligence, it is well known that if you mess with the particular economy of a person, the person will not prefer the decision of their rulers but of their interest own to get more money for the betterment of their life and if this includes being more irreverent to get money they will certainly do it.

[Silberman]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

It will only be a matter of time before they change their stance on crypto.
If they see other advanced countries that are very open to crypto market, they would think, why they are very strict to it?
And if they observe the impact on the economy, they will re-assess their protocols.
Because if they will stick to their laws, they will find out quick that they may be are left behind.

You have a point, but I do not think this is a change that will happen soon, the reason is that even if bitcoin can bring huge economic benefits to the country they will also suffer a massive loss, fiat currencies allows politicians to be as irresponsible as they want with their budget and if they need even more money they can just print it, now this eventually causes inflation but this is not a problem for them as they can just get hard assets to protect themselves from those effects, so I do not think such an scenario is possible until we see a collapse of the fiat system and the politicians are desperate to get the economy back on track.

[Fatunad]

Exactly the same thing in my country, banks and all other financial institutions are banned from carrying out crypto transactions, and they were also instructed to restrict the account of anyone suspected to be dealing in cryptocurrencies, so we all in my country resorted to p2p as a means of withdrawing money from crypto to our bank account as well as deposit from our bank accounts to exchanges for crypto purchase.

One thing is certain, this phase will pass, their ban has not reduced the number of crypto traders in the country, Infact, the ban has even tripled the number of those who are into crypto in my country, so it's just a matter of time, they will come to the realization that this is a revolution they have no power over, and they can not stop it.

It will only be a matter of time before they change their stance on crypto.
If they see other advanced countries that are very open to crypto market, they would think, why they are very strict to it?
And if they observe the impact on the economy, they will re-assess their protocols.
Because if they will stick to their laws, they will find out quick that they may be are left behind.

You have a point, but I do not think this is a change that will happen soon, the reason is that even if bitcoin can bring huge economic benefits to the country they will also suffer a massive loss, fiat currencies allows politicians to be as irresponsible as they want with their budget and if they need even more money they can just print it, now this eventually causes inflation but this is not a problem for them as they can just get hard assets to protect themselves from those effects, so I do not think such an scenario is possible until we see a collapse of the fiat system and the politicians are desperate to get the economy back on track.

Collapse of fiat system is something that is on the impossible side of things.They couldnt just let things to happen even though there are instances which is really that showing off that inflation effects.As for
solutions and other ways then its not surprising that they would really be playing out safe and securing on whatever kind of ways that they would able to do so.
Speaking about banning crypto payments on a specific country then its not already surprising anymore as if these things are becoming a norm since not all would really appreciate crypto utility.