[2022-03-23]Thailand Bans Use of Cryptocurrencies as a Method of Payment

[dark1234]

the prohibition policy after allowing its use. Then it will not be effective even though there may be legal consequences for those who violate it. because this will apply to e-commerce service providers and supermarkets while individual transactions if done carefully will escape the government's sight.
so indirectly the use of crypto for payments for services and goods will continue because they already understand the use and convenience

[Kryptowerk]

I know this topic is now almost 1 year old but didn't want to start a new one just to follow up on this.
Was wondering if there is any update on this legislation and especially how the upcoming election is assumed to influence these crypto-laws.

On another note: As far as I know the democratic party made a promise to distribute an internal cryptocurrency to all Thai citizens if they are indeed elected. I wonder if this is a bullish sign for other cryptocurrencies or should be seen as seperate event.

[Fiatless]

It said the curbs on cryptocurrencies such as Bitcoin for commercial transactions are in line with regulations in Europe, the U.K., South Korea and Malaysia. "

The Thai government didn't give any genuine reason why they had to make such a policy. They don't even have personal experience or proof that cryptocurrencies harm or will harm their economy. The only reason is that they want to copy the policy of other nations. I have closely observed that most of the nations that are restricting cryptocurrencies do it because their colonial masters or some other bigger economy adopted the same policy. Very soon before any country will access loans from the IMF or World Bank one of the major criteria will be to ban or restrict cryptocurrency transactions.

[Kryptowerk]

It said the curbs on cryptocurrencies such as Bitcoin for commercial transactions are in line with regulations in Europe, the U.K., South Korea and Malaysia. "

The Thai government didn't give any genuine reason why they had to make such a policy. They don't even have personal experience or proof that cryptocurrencies harm or will harm their economy. The only reason is that they want to copy the policy of other nations. I have closely observed that most of the nations that are restricting cryptocurrencies do it because their colonial masters or some other bigger economy adopted the same policy. Very soon before any country will access loans from the IMF or World Bank one of the major criteria will be to ban or restrict cryptocurrency transactions.

Just a quick note in this case: Thailand was never colonized, but I guess this still doesn't necessarily mean they are uninfluenced by other countries' way of legislation.

Still, anyone with insight what is about to happen after the ongoing current eletion? Quite curious what we can expect in regards of crypto regulation in Thailands future.

[Woodie]

I hope the Thai government understands that the power comes from its citizens, and in a scenario they speak with one voice to say that they cannot do without their beloved bitcoin... this could make it legal tender once it goes through the law making process But not to get ahead of ourselves, sad to see that these guys hide behind protecting their financial systems, but all I see is a government suppressing the free will of its people... Anyway there is no country without laws but as long as you have access to the internet, bitcoin will live on.

[FUCKBSVFUCK]

Thailand is one of the most corrupt countries in the world. They have a number of corruption scandals that have taken place in the past. This is the reason why they are trying to impose a ban on cryptocurrency. a law that prohibits cryptocurrency transactions in their country. This law is based on the principle of “free trade”. 
 
The government of Thailand has made

[Kakmakr]

So, they are actually protecting their local currency, the Thai Baht. People must never underestimate the power that these governments have over citizens, when they can manipulate the value of the local currency. (The government have full control over the supply and they can manipulate the value of that currency)

It is also about their "image" ...because you find that a lot of the presidents have their face plastered all over Bank notes and the governors signature on the notes. (It is a huge ego boost for them) 

[Pity Token]

Thailand's economy has taken a hit from all the covid restrictions. They should embrace modern technology and payments are a means to get their economy back on track. Perhaps they dislike the fact that all payments are public on the blockchain for everyone to see

[Kryptowerk]

The election is conducted next weekend.
Still curious if there are any forum members from Thailand around with an insight of what is actually going on regarding crypto legislation and how things may look after the elections have taken place.