Thailand ban using crypto for payments

[boty]

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.

its step back from technology adoption if banning cryptocurrency , meanwhile alot benefits from this market beside crypto tax itself. allowing citizen access or having transaction into crypto create alot job opportunity which economicly will decrease unemployment in that country. Traditional banking system should worry  with crypto , if they could adopt it alot cost efficiency will happen.

[1715469353]

1715469353

[1715469353]

1715469353

[Dunamisx]

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

Who will come out to bear responsibility? the rate of crime associated with fiat is far greater than in cryptocurrency, and I see this to the fact that Thailand has no any policy implementation on ground to regulate the industry that's why they appear to go against it for now or rather planning a launch of their CBDC sooner.

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

P2P has helped alot and has been used to byepass any form of embargo from government, the more they threat the larger the P2P network increases, the crossboarder barriers is one of the ultimate benefits users derived from the service as against the fiat banking system.

[RealMalatesta]

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

Who will come out to bear responsibility? the rate of crime associated with fiat is far greater than in cryptocurrency, and I see this to the fact that Thailand has no any policy implementation on ground to regulate the industry that's why they appear to go against it for now or rather planning a launch of their CBDC sooner.

The difference is that politicians can get their share of the illegal fiat money traffic, is it money laundering? You give a bribe, is it drugs? You give a bribe, is it tax evasion? Well here you go, some more bribes.

Basically, people who have the power to ban crypto, do benefit from the crimes that happen with fiat, which is why they do not really need crypto to make it more easier for people to use money, if that happens then how would they prevent money laundering happening via crypto? They want to channel that all to fiat in order to get it. We have seen this in a lot of places, including even in big nations like UK for a while but they gave up.

[arwin100]

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.

its step back from technology adoption if banning cryptocurrency , meanwhile alot benefits from this market beside crypto tax itself. allowing citizen access or having transaction into crypto create alot job opportunity which economicly will decrease unemployment in that country. Traditional banking system should worry  with crypto , if they could adopt it alot cost efficiency will happen.

We don't know yet the real reason behind this since maybe they are just testing the waters on how cryptocurrency could affect their people and economy, if they will find something good with it and they can gain something beneficial to them for sure this banning will lifted out and again their people will able to use cryptocurrency again.

[tyz]

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.

its step back from technology adoption if banning cryptocurrency , meanwhile alot benefits from this market beside crypto tax itself. allowing citizen access or having transaction into crypto create alot job opportunity which economicly will decrease unemployment in that country. Traditional banking system should worry  with crypto , if they could adopt it alot cost efficiency will happen.

We don't know yet the real reason behind this since maybe they are just testing the waters on how cryptocurrency could affect their people and economy, if they will find something good with it and they can gain something beneficial to them for sure this banning will lifted out and again their people will able to use cryptocurrency again.

They could also be quite trivial reason. The Thai economy, which is largely based on tourism, has suffered enormous losses over the last two years due to Corona, and the economy in the country is correspondingly poor, as little foreign currency is coming in. This has also weakened the local currency against the USD. As the popularity of cryptos has increased in Southeast Asia, this may be a measure to prevent even further outflow of funds from the local currency.

[virasog]

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.

its step back from technology adoption if banning cryptocurrency , meanwhile alot benefits from this market beside crypto tax itself. allowing citizen access or having transaction into crypto create alot job opportunity which economicly will decrease unemployment in that country. Traditional banking system should worry  with crypto , if they could adopt it alot cost efficiency will happen.

There should be a valid reason for the government of Thailand to stop using bitcoin as a payment method. The banking sector won't be closed if bitcoin payments are allowed as both fiat and crypto can run side by side for another decade or so. Therefore, banning bitcoin to save the banks is only a lame excuse.
Thailand is known for its tourism and if tourists would have been allowed to pay in crypto, it would have been an added advantage.

[Mometaskers]

I don't like this development but I suppose each country have their own take on crypto. I'm assuming it only affects paying directly with BTC and that Thais can still use their money in exchanges to pay for stuff, provided they're converted to bhat first.

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?

That's an interesting take on this. Still won't prevent Thais from buying up bitcoins but does somewhat make it harder for them to spend it. I'm assuming it's to buy a bit of time while they develop their own CBDC.

[doomloop]

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

Who will come out to bear responsibility? the rate of crime associated with fiat is far greater than in cryptocurrency, and I see this to the fact that Thailand has no any policy implementation on ground to regulate the industry that's why they appear to go against it for now or rather planning a launch of their CBDC sooner.

It's greater because fiats are old in the financial industry but if there are more crimes in fiat, there are also more criminals that are being caught out because it is more regulated in real life than in online or by using a cryptocurrency but why there's no regulation on Thailand? What kind of government they have and now they are putting the blame in crypto for their own mistake?

But, even on the other countries, it was still the same because they will all favour their own currency and they will be against the cryptos. Launching their own stable coin will be contradicting because it was still a cryptocurrency as cbdc uses blockchain technology.

[Fortify]

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

It seems like a lot of countries in Asia and Africa are making a renewed effort to ban cryptocurrencies, in the end it seems like this will backfire on them. It's just another target of authoritarian style governments because it allows people to transact without having to prop up the local currency and all the corrupt insiders who run it aren't able to take a cut any longer. I guess overseas companies will still accept people from these countries and not have any sort of legal obligation to disclose their activity to the Thailand government, since they have blocked it outright - they forfeit any cooperation. Seems like the local government fails again and more open countries will have companies that win.

[Silberman]

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.

Yes and no, we know that fiat currencies have existed in the past and all of them with the exception of the current ones have all collapsed, however things are different now as this is the first time in history in which the currencies of every single country around the world are fiat, however the collapse of the fiat system does not mean the collapse of the economy, if for example we went back to the gold standard in the case we went thought huge levels of inflation that would be the end of the fiat system, at least for a time, but the world economy will continue, so I do not see it as something impossible, it is just something that governments will oppose with everything they have and will only abandon it if they had no other choice.

[24Kt]

I don't like this development but I suppose each country have their own take on crypto. I'm assuming it only affects paying directly with BTC and that Thais can still use their money in exchanges to pay for stuff, provided they're converted to bhat first.

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?

That's an interesting take on this. Still won't prevent Thais from buying up bitcoins but does somewhat make it harder for them to spend it. I'm assuming it's to buy a bit of time while they develop their own CBDC.

If the government are allowing their crypto users to use crypto exchange, then, it won't be a problem spending their crypto. Because they can always convert their crypto to their baht, like use p2p in binance and convert their crypto to THB, it is available by the way. So for me, even if their government is banning crypto for payments, they can still use their crypto by converting it to their local fiat first. Anyway, a lot of us are still doing this because we can only find very few merchants accepting directly in crypto payments.

[milewilda]

I don't like this development but I suppose each country have their own take on crypto. I'm assuming it only affects paying directly with BTC and that Thais can still use their money in exchanges to pay for stuff, provided they're converted to bhat first.

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?

That's an interesting take on this. Still won't prevent Thais from buying up bitcoins but does somewhat make it harder for them to spend it. I'm assuming it's to buy a bit of time while they develop their own CBDC.

If the government are allowing their crypto users to use crypto exchange, then, it won't be a problem spending their crypto. Because they can always convert their crypto to their baht, like use p2p in binance and convert their crypto to THB, it is available by the way. So for me, even if their government is banning crypto for payments, they can still use their crypto by converting it to their local fiat first. Anyway, a lot of us are still doing this because we can only find very few merchants accepting directly in crypto payments.

Even here on my country this is always be the case on where you could freely make out some conversions from crypto to fiat since there are only few merchants who do accept crypto which you might not
able to spend your coins directly or in convenient way which means you do need to convert it out first before you could able to do so but its not really that surprising though because not all government
globally would really be ending up on having the same views and decisions towards crypto.Some might consider it and some would totally ban or prohibit it.So its nice for  those places
who do stood positive into its existence yet they would able to get that kind of benefit.

[justdimin]

I don't like this development but I suppose each country have their own take on crypto. I'm assuming it only affects paying directly with BTC and that Thais can still use their money in exchanges to pay for stuff, provided they're converted to bhat first.

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?

That's an interesting take on this. Still won't prevent Thais from buying up bitcoins but does somewhat make it harder for them to spend it. I'm assuming it's to buy a bit of time while they develop their own CBDC.

It is basically just a backwards thinking that got many nations to big debts, and they are doing the same thing all over again as well. There is really nothing that could be considered a "good" development that bans crypto, you could regulate it, because that would help you keep the people who use crypto in line, but if you ban it completely then they will continue to use it because crypto is decentralized and you can't ban it, you can make it illegal but do you really think that nobody does anything illegal in the world?

We do, and that is why they will continue to use it. Regulating would allow them to be in control, banning it would just drive people to worse situations.

[Questat]

I'm not surprised by the news because they are planning to build their own CBDC which some countries are doing. Bitcoin as a payment system may become a threat to their CBDC, so in order for people to patronize their own fiat centralize currency, they need to barred the popularity of bitcoin as a payment system by banning it.

[Mometaskers]

snip

If the government are allowing their crypto users to use crypto exchange, then, it won't be a problem spending their crypto. Because they can always convert their crypto to their baht, like use p2p in binance and convert their crypto to THB, it is available by the way. So for me, even if their government is banning crypto for payments, they can still use their crypto by converting it to their local fiat first. Anyway, a lot of us are still doing this because we can only find very few merchants accepting directly in crypto payments.

I'm assuming it's not going to change much for those that convert their earnings to fiat anyway before spending them. Still, this new rule mean that businesses considering accepting bitcoins directly would not proceed with any such plans.

snip

It is basically just a backwards thinking that got many nations to big debts, and they are doing the same thing all over again as well. There is really nothing that could be considered a "good" development that bans crypto, you could regulate it, because that would help you keep the people who use crypto in line, but if you ban it completely then they will continue to use it because crypto is decentralized and you can't ban it, you can make it illegal but do you really think that nobody does anything illegal in the world?

We do, and that is why they will continue to use it. Regulating would allow them to be in control, banning it would just drive people to worse situations.

Indeed. I would have thought Thailand would have liked crypto in the same way as El Salvador since after all it's a big tourist spot. El Salvador seemed to have gotten a bit of additional tourism from the Bitcoin publicity. Thailand seem to be only going to limit the uses and would still benefit from bitcoin transactions done through the exchanges.

[Pejoh Asu]

Although thailand bans using crypto for payments but i'm sure crypto users in thailand won't care about this rule, crypto is a global thing that can't be banned as long as there is internet access, and i don't think this will take long and i'm sure the thai government will soon legalize cryptocurrencies .

[Silberman]

I'm not surprised by the news because they are planning to build their own CBDC which some countries are doing. Bitcoin as a payment system may become a threat to their CBDC, so in order for people to patronize their own fiat centralize currency, they need to barred the popularity of bitcoin as a payment system by banning it.

Governments are either incredibly shortsighted or they actually think their citizens are dumb, after all the huge inflation levels that we are seeing everywhere are their fault and now people are suffering the consequences of their mistakes, and their solution is to create a digital currency that is many times worse than the current form of money they implemented, people will not adopt their coins because they know what they are up to and they will decide to use bitcoin even if they ban it, as people will probably prefer to take their chances rather than adopt those shitcoins made by the governments.

[lixer]

I'm not surprised by the news because they are planning to build their own CBDC which some countries are doing. Bitcoin as a payment system may become a threat to their CBDC, so in order for people to patronize their own fiat centralize currency, they need to barred the popularity of bitcoin as a payment system by banning it.

Governments are either incredibly shortsighted or they actually think their citizens are dumb, after all the huge inflation levels that we are seeing everywhere are their fault and now people are suffering the consequences of their mistakes, and their solution is to create a digital currency that is many times worse than the current form of money they implemented, people will not adopt their coins because they know what they are up to and they will decide to use bitcoin even if they ban it, as people will probably prefer to take their chances rather than adopt those shitcoins made by the governments.

They are afraid, that is the right word. I mean the fact that fiat is bad in every nation, which I am guessing probably even worse than average in Thailand, means that people will move their money more and more to crypto to save their money. Which means that we are looking at a situation where crypto is better seen than the fiat of that nation.

Thailand, china, and many other nations that ban crypto sees this as a threat and their governments are afraid that if they let people use it, it will hurt their fiat even more. Reality is that you are bringing more and more money to that nation if you let people earn from crypto, but they can't see that.

[uneng]

Thai people deserve congratulations for being active bitcoin supporters, as we can see on the article provided by OP:

Thai users held more than $3 billion worth of cryptocurrencies this year. A massive increase compared to just a few years ago. Infact, in 2021, transaction volume increased by about 600% from November 2020 to April 2021.

The local government should have been really worried about the increasement in crypto usage, so they had to create a measure to prevent crypto replacing fiat on the daily life of the society. Anyway, I don't think it was a great idea, because people will keep using crypto as payment method, as it's not easy for the regulators to track everyone's transactions. How can the government say someone is using crypto as payment method or if this person is just selling his holdings for fiat to someone else? Thankfully, the nature of decentralized cryptocurrencies are at the favour of the citizens of such countries which are going to face restrictive and abusive limitations on the near future.

[chrisculanag]

Government of Thailand need to control the over usage of cryptocurrency thats why they put a ban. I think they need more plan and preparing in future for accepting again the cryptocurrencies. But Thai can use cryptocurrency but they cannot use only in payments. There are many options to avoid this banning system. Government needs more fiat that's why they banned.