Thailand ban using crypto for payments

[Doan9269]

As the cryptocurrency adoption rate increases every day across the globe and many countries are using bitcoin in their daily business transactions and this has in so many ways help in boosting the economy, of recent many countries have being accepting tax payment in crypto as in Florida among others but to the other side of it is coming about Thailand Puting a ban on making cryptocurrency transaction by it commercial counterparts, this statement was made by the Thailand SEC.

It could be recalled on how Thailand has recorded a massive growth in the crypto space with over 600% increase in transaction volume as at last year while over $3 billion worth of cryptocurrency user asset was recorded since the beginning of 2022.

This "ban" is effective starting from 1st of April, 2022, all their financial institutions will be unavailable to carryout transaction in bitcoin or any other crypto asset and in making payments for goods and services. It is also good to note that this crypto ban only affect their banks and any use of crypto as a payment media for goods and services but individuals trading and investment in cryptocurrency is not banned and a good alternative to this is using P2P for transactions in other to have a continuous crypto runnings and operations from been pause in the region.

https://ambcrypto.com/thailand-one-of-asias-biggest-adopters-now-barred-from-using-crypto-as-payment/?utm_source=thecryptoapp

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[Wind_FURY]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

[Doan9269]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact.

This is exactly what happened with the Nigerians government, they did the same thing by placing ban on crypto just to reveal the launch of their E-Naira CBDC, i think you're right, government are contending with cryptocurrency but they lack the understanding that CBDC is totally different from cryptocurrency.

[cheezcarls]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

Speaking of CBDC, I did posted earlier about the Philippines doing a pilot implementation run on it here.

I just don’t know if CBDC’s poses a threat to the adoption of cryptocurrencies as mode of payment or so. Every country has their own point of view regarding Bitcoin. As you said about Thailand not allowing crypto as mode of payment but allowing as investment, maybe they need to study more deeply about it as they don’t want to be left behind in the trend like the anti-Bitcoin countries right now.

[romero121]

CBDCs never serve as a threat to the adoption of cryptocurrencies. As more people are getting into the cryptocurrency usage it isn't possible to restrict people from using bitcoin with mere ban. Whether it is Nigeria, China, Thailand or some other country people continue to use even after ban. People once used to cryptocurrency will never think of CBDC which is a digital form of having control over ones finance.

[gantez]

CBDCs never serve as a threat to the adoption of cryptocurrencies. As more people are getting into the cryptocurrency usage it isn't possible to restrict people from using bitcoin with mere ban. Whether it is Nigeria, China, Thailand or some other country people continue to use even after ban. People once used to cryptocurrency will never think of CBDC which is a digital form of having control over ones finance.

I also follow your thought. Thailand will not be banning the use of cryptocurrency as payment only to introduce their digital currency because countries that have done the banning or that have introduced CBDC have not made any reasonable progress in their financial sector. It is about monitoring the bitcoin use but digital currency can't do that, they are no threat to cryptocurrency
The restrictions and banning is not a factor that will affect bitcoin.

[livingfree]

Nothing to worry about this ban.

Although as much as I've seen in some other websites, it has quite spread a panic for most newbies. But upon reading the whole context, there's really nothing to be worried then.

I just don’t know if CBDC’s poses a threat to the adoption of cryptocurrencies as mode of payment or so.

I don't see it as a threat honestly and in reality, what I and the others can see is that it can be of a great help to push the price of bitcoin higher.

[Findingnemo]

Due to this exchanges will be unable to deposit and withdraw fiat which will affect their local exchange if there is any. But on the other side it will create more demand for p2p trading platform which will cause more price difference than the actual Market value.

[Moneyprism]

in some ASEAN countries they have blocked cryptocurrency investment for financial institutions or for everyday payments which will replace the role of their currency .. but crypto investment for ordinary people is still allowed and even supported by the government, so crypto investment not completely blocked, only regulated for some parties

... indeed in the ASEAN region cryptocurrencies are developing and I am sure that in the next few years crypto adoption in this region will increase

[hugeblack]

Does anyone know how many platforms are licensed in that country or if there is one based in Thailand?

Generally, such regulatory decisions will not affect the Bitcoin market or individuals and I also believe that Thais can use decentralized platforms, which do not require identity verification or peer-to-peer platforms.

The problem will be on commercial activities, which seem rather small, but the ban will not last long and the state soon realizes that it is doing the wrong thing.
The most important question, does this mean that individuals should not pay taxes on cryptocurrencies?

[Leviathan.007]

If they do that then they should start introducing their own digital asset just like china and some other places, the Thailand government clearly doesn't want to see their people having borderless and freedom of transactions in their deals, as I know this country because I've been in Thailand for a few days I can tell there are many frauds and scammers and many people doing illegal deals such as gun and drug even some people where selling underage girls, so that's normal for me to see the government wants to keep the transactions under control.

[Mahanton]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

Of course they could do all things that they do want or does have in their mind but still ending up on banning it but there would be some exclusions or exemptions for that one and its clear as day
on what would really be their motive in doing that.Speaking of ban then there's nothing we could do about it because once decisions or laws had been passed or implied then citizens of a particular
country doesnt really have any choice but to abide it because it was mandated and absolute rule or else you would be facing up some problems if you do make yourself going against it.

[Salauddin1994]

We hope that Thailand will soon discover something new that will be more profitable for Thailand, then maybe Thailand will resume cryptocurrency payments. There is no reason to worry. Many countries use cryptocurrency to their advantage.

[Wexnident]

Did Thailand even have that much amount of stores that accepted Bitcoin payments and/or transactions? I don't think it's going to be that much of an impact, whether it's on the market or on the Thai side. Short term maybe, but that's just FUD doing its thing, blowing up the issue to more than what it actually is.

I just don’t know if CBDC’s poses a threat to the adoption of cryptocurrencies as mode of payment or so. Every country has their own point of view regarding Bitcoin. As you said about Thailand not allowing crypto as mode of payment but allowing as investment, maybe they need to study more deeply about it as they don’t want to be left behind in the trend like the anti-Bitcoin countries right now.

Not really, no. CBDCs are at most, going to improve qol stuff that fiat couldn't, but it doesn't exactly change what it is at its core. And well, there's also the issue that cryptocurrency payments haven't really been a big thing as of yet, there are some adoptions here and there, but they're rather minimal, which is better than nothing though.

[marine4u]

I'm in the Asia region and heard about this news. In fact, this is a surprise by countries in the Asia region
.Specifically Southeast Asia, has historically been crypto-neutral. But they ban the use of crypto for payment, "doesn't affect other uses such as investment, mining or normal trading. Basically, there will be almost no effect at all. The role of bitcoin and crypto will now be independent of anything in any one country.

[Fortify]

CBDCs never serve as a threat to the adoption of cryptocurrencies. As more people are getting into the cryptocurrency usage it isn't possible to restrict people from using bitcoin with mere ban. Whether it is Nigeria, China, Thailand or some other country people continue to use even after ban. People once used to cryptocurrency will never think of CBDC which is a digital form of having control over ones finance.

It's very dangerous to underestimate your opponent. Central banks have the absolute attention and respect of politicians in various countries. If they have a decent plan to roll out a form of digital cash in CBDCs then they can suggest that it has no competitors for maximum effect. Politicians are very receptive to doing what financial experts are telling them to do much of the time. While they won't be able to eradicate other cryptocurrencies entirely, making laws to restrict them can do a lot of damage to their reputation with the average person.

[YOSHIE]

I don't think it's a serious problem for crypto users in Thailand, especially bitcoin, my understanding is only a few percent of crypto users in Thailand who transact goods with bitcoin, if crypto users can still invest, trade and sell crypto to make Thai Baht I think they will be fine on this matter.

I'm sure this ban doesn't have a negative impact on crypto users there, hopefully they don't block all crypto to Baht or Baht to crypto transactions, such as exchanges, trades, investments etc.

[Kimonoe]

cases like this are common in every country, where its use is prohibited for payment of goods, or as a means of payment. it's the same in my country, where cryptocurrencies also have a position like that. but as long as it's not forbidden to own and trade it, so that we make a profit and convert it into fiat currency, I think it's still normal for now. with development later I think bitcoin will acquire its original function over time

[Wind_FURY]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact.

This is exactly what happened with the Nigerians government, they did the same thing by placing ban on crypto just to reveal the launch of their E-Naira CBDC, i think you're right, government are contending with cryptocurrency but they lack the understanding that CBDC is totally different from cryptocurrency.

They truly understand.

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

Speaking of CBDC, I did posted earlier about the Philippines doing a pilot implementation run on it here.

I just don’t know if CBDC’s poses a threat to the adoption of cryptocurrencies as mode of payment or so. Every country has their own point of view regarding Bitcoin. As you said about Thailand not allowing crypto as mode of payment but allowing as investment, maybe they need to study more deeply about it as they don’t want to be left behind in the trend like the anti-Bitcoin countries right now.

CBDC in its final form will pose a threat to each citizen's right to transact. Everything we have feared as Bitcoiners will be happening in CBDC. Your freedom that you enjoy with paper money right now? WILL BE GONE. They will monitor you, censor you, cage you. It's very important that Bitcoin should be HODLed by as many people as possible.

[henmark]

I believe Thailand will launch their own CBDC, the Thai government obviously doesn't want their citizens to have absolute freedom to transact. But at the same time I believe the Thai government wants to HODL Bitcoin as part of their FOREX/commodity reserves? Why are the allowing Bitcoin as an investment?

I think so because I have been following up with other countries that have banned cryptocurrency and it happens that they do release their own central bank digital currency. When China banned bitcoin they went ahead to also release their digital Yuan, and that was the same thing with other countries that banned bitcoin, a few of them released digital currencies.

I guess they are doing so as to make their citizens to adopt their own digital currencies and not rely more on bitcoin. But I don’t think that is necessary because a lot of people would choose to make use of Bitcoin than any other digital currency, even if it’s owned by the government.

Moreover, I know someone who is living a country where Bitcoin has been banned, and peer-to-peer has been their only way of making use of bitcoin or trading it. The only thing that the government does is that they will stop centralized exchanges and also stop banks from working with any of those exchanges. People who are in those countries just continues their use of cryptocurrency by making use of P2P wallets and exchanges such as Paxful and Binance P2P, it really goes a long way to help them.

This shows that not every country would be interested in bitcoin or any cryptocurrency just because others are doing so.