Thailand ban using crypto for payments

[Wawa2013]

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.

Similar to China, the Thai government is too afraid of the increasing popularity of crypto. Even though the Thai government's fear is too much,
because not all daily transactions can use crypto. In some areas that do not yet have internet access, the use of fiat is still relied upon to
make payments. After all, if the Thai government does the research properly, the majority of people in Thailand prefer to use fiat for payments.
In fact, if the Thai government can think wisely, the presence of crypto can not only improve the economy of the Thai population, however,
crypto can make up for the lack of fiat as a means of payment. Supposedly the Thai government supports crypto for payments, so that the lives of
Thai people will be much better. Because crypto was actually created as an alternative to fiat, not to replace the role of fiat. But I'm sure in the future
the Thai government will change its mind and re-legalize crypto as a payment. For now, the Thai population is just being patient, at least they
are grateful that they can still use crypto even if it is only as an investment.

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[Joshapat]

The more countries that banned bitcoin then this will create new users, when banned it makes people curious and when trying to get something different let alone knowing that the global cryptocurrencies community is very large then I'm sure he will invite friends or family to get into crypto.

[Untomabur]

The more countries that banned bitcoin then this will create new users, when banned it makes people curious and when trying to get something different let alone knowing that the global cryptocurrencies community is very large then I'm sure he will invite friends or family to get into crypto.

Sometimes curiosity actually makes or triggers someone to join the world of cryptocurrency,
each country I think has its own cryptocurrency community and that's good for crypto development,
let's see what happens after Thailand bans the use of crypto for payments

[Mahanton]

The more countries that banned bitcoin then this will create new users, when banned it makes people curious and when trying to get something different let alone knowing that the global cryptocurrencies community is very large then I'm sure he will invite friends or family to get into crypto.

Sometimes curiosity actually makes or triggers someone to join the world of cryptocurrency,
each country I think has its own cryptocurrency community and that's good for crypto development,
let's see what happens after Thailand bans the use of crypto for payments

They can ban all they want but it wont mean that citizens on a particular country wouldnt really be able to engage with crypto totally nor getting rid of them yet government do really get the wrong idea.
They might able to block but not totally able to get on what they have intended.Its true that each country does have their own takings and decisions towards crypto.Some might really be that
positive but most of them are really that on negative because they do really hate up something which do really talks about decentralization which is something that they do really oppose
and tend to get rid of.

[Sir Legend]

Thailand is a big market with user growth of more than 15% per year, of course the government is worried that the use of crypto will make people not want to use fiat so they get banned from crypto, but I'm sure this will have no impact on users in thailand because crypto is a unique thing and can't be limited just because it's banned.

[Haunebu]

Thailand is a big market with user growth of more than 15% per year, of course the government is worried that the use of crypto will make people not want to use fiat so they get banned from crypto, but I'm sure this will have no impact on users in thailand because crypto is a unique thing and can't be limited just because it's banned.

Well said. History has taught us that it's not possible to ban BTC and other popular cryptocurrencies completely which is why many world governments gave up and decided to stick to regulating them instead which is the next best alternative for them.

Thailand will do the same in the near future in my opinion. Until then, their citizens can rely on P2P platforms like LocalBitcoins etc.

[Joshapat]

The growing number of users made many countries including Thailand banned cryptocurrencies for payments, but this never stopped users because I believe most crypto users use it for trading and long term investment so the transaction volume used for payments is very small because users understand that fees very expensive transaction compared to fiat.

[Xampeuu]

The growing number of users made many countries including Thailand banned cryptocurrencies for payments, but this never stopped users because I believe most crypto users use it for trading and long term investment so the transaction volume used for payments is very small because users understand that fees very expensive transaction compared to fiat.

it's the same in my country where there was a ban on the use of crypto for payment instruments where there were many patrols in shopping and tourism places, and after that it was orderly to do according to the rules, but this did not make crypto users less, in fact more and more because crypto is a very profitable investment and we can become rich in an instant, if the pump happens and we have been saving for a long time

[lixer]

The more countries that banned bitcoin then this will create new users, when banned it makes people curious and when trying to get something different let alone knowing that the global cryptocurrencies community is very large then I'm sure he will invite friends or family to get into crypto.

That's risky if they will continue accessing something that is already banned. The news about banning can make someone curious but what about during the legalization of crypto on that country? Or maybe some are not informed by the time that happened but it would be better to stay away from cryptos if it's already banned. They should only wait once crypto is unbanned again. That is still possible because if we look at India, Bangladesh, china and others, they already went on this phase where they ban and unban cryptos.

There is no need to rush of getting involved in crypto because cryptos are still young and there is more pumps to come in the future.

[CaptainCrapper]

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

some country band and again running it's a sample system of this sector so its not very important subject for currency sector.

[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.

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.

And they are right to be afraid, we know that fiat currencies are one of the cornerstones when it comes to the power centralized governments, it is simply irresistible for them to print money and cause inflation since they are taxing all the wealth of the nation and not just your income, and in the case of the US dollar they can tax a great deal of the wealth of the whole world, but while this is a system that benefits them it is incredibly damaging to the people as they are basically stealing from them, which means that as soon as people realize they have been deceived then they will look for a way to get out of the system, and bitcoin at the time will be one of the most popular options in which they can do this.

[ninis45]

the government is afraid that all payment instruments will switch to crypto and the role of fiat becomes a minority. I think this is a good thing to minimize inflation caused by fiat printing which is too high, whereas if crypto becomes a legal tool for payment transactions for goods and services, the government will indirectly benefit of taxes applied in crypto transactions

[Lanatsa]

the government is afraid that all payment instruments will switch to crypto and the role of fiat becomes a minority. I think this is a good thing to minimize inflation caused by fiat printing which is too high, whereas if crypto becomes a legal tool for payment transactions for goods and services, the government will indirectly benefit of taxes applied in crypto transactions

Government could really still put up some limits even though they would be deciding to adopt crypto into their vicinity yet people doesnt really have any place to run whenever they do decided to make out some conversions

from crypto to fiat and its true that  they could really able to generate even more taxes if ever they would really be adapting into it and imposing some percentage tax into those platforms involved.
If they had decided to ban it then there's nothing we could do but this wont be final for sure since decisions would really be having the possibility of changing in the future.

[retreat]

<.>

what is regulated by the Thai government is not much different from what the government of our country does, it is not allowing bitcoin and other cryptocurrencies as a means of payment but allowing bitcoin and other crypto assets to be used as investments such as gold or other commodities.

[darewaller]

The more countries that banned bitcoin then this will create new users, when banned it makes people curious and when trying to get something different let alone knowing that the global cryptocurrencies community is very large then I'm sure he will invite friends or family to get into crypto.

That's risky if they will continue accessing something that is already banned. The news about banning can make someone curious but what about during the legalization of crypto on that country? Or maybe some are not informed by the time that happened but it would be better to stay away from cryptos if it's already banned. They should only wait once crypto is unbanned again. That is still possible because if we look at India, Bangladesh, china and others, they already went on this phase where they ban and unban cryptos.

There is no need to rush of getting involved in crypto because cryptos are still young and there is more pumps to come in the future.

That is the Streisand effect basically. I believe that when you ban something, it becomes even more popular. This phenom started back when Barbara Streisand sued a company for shooting videos of her house, and she won but her house just became even a bigger phenom and started to be shared everywhere around the world and not just local papers.

You can see this everywhere, if you see something banned to be talked about or shown, there will be even more of it shared, unless it is a bad thing like war deaths and so forth. All in all I believe that if Thailand bans crypto, it may result back with people being even more interested in it because they will wonder why it was banned to begin with.

[Wong Gendheng]

Haters will be happy to hear the news, but I believe FUDs or the fact that many countries banned crypto for payments will not have a big impact or kill crypto growth, as happened with many crypto banned countries like China, but user growth in China continues to improve and this is what makes me not worried about being massively banned in many countries.

[Victorik]

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.

It is gross ignorance on the part of any government to want to ban cryptocurrency. While government that are wise are looking for ways to gain from cryptocurrency by collecting tax, some government on the other hand are hell bent on sending their civilization back to Stone age. A typical example is Nigeria you just mentioned.

[Dhaniii]

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.

It is gross ignorance on the part of any government to want to ban cryptocurrency. While government that are wise are looking for ways to gain from cryptocurrency by collecting tax, some government on the other hand are hell bent on sending their civilization back to Stone age. A typical example is Nigeria you just mentioned.

Many countries still reject cryptocurrencies, but in fact the rejection is not permanent which they do, because of their inability to control and provide financial security to their citizens so they issue decrees prohibiting the use of cryptocurrencies and if they continue to carry out financial risks due to property losses and no guarantee and no protection from the state.

[eaLiTy]

~
Well said. History has taught us that it's not possible to ban BTC and other popular cryptocurrencies completely which is why many world governments gave up and decided to stick to regulating them instead which is the next best alternative for them.

Thailand will do the same in the near future in my opinion. Until then, their citizens can rely on P2P platforms like LocalBitcoins etc.

If there is a collective effort by the governments from US, Europe and Asia then they could restrict the market by controlling or restricting the exchanges in the country. Then their main line of target will be the miners, mostly located in large mining farms and how hard it is to identify these miners with large mining farms and if they want they can really stop them. So hypothetical it is possible to ban the usage even with regulation what happens if they impose huge tax on every transaction like India did recently.

[goldkingcoiner]

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

And how exactly are the authorities of the Thailand government going to restrict people from paying with crypto? This is something which seems more or less impossible to me. Even China with their outright bans cannot keep people from mining and using crypto, so what chance does Thailand think it has?

Perhaps Thailand is just trying to get the price down so they can fill their bags, eh? 

Either way, I doubt this is going to have any kind of impact other than a short-lived PR stunt for financial regulators or something.

if anything, "bad" Bitcoin PR is still PR. So thanks, Thailand!