Thailand has passed a regulation banning the use of digital currencies as a means of payment for goods and services from April 1, the market regulator announced.
The move comes after talks between the Securities and Exchange Commission(SEC) and the Bank of Thailand(BOT) on the need to regulate the activities of operators in the field of digital assets, and it was assessed that these activities could affect the country’s financial stability and overall economy, according to a statement from the SEC.
It added that “operators providing services in the field of digital assets must comply with the new rules within 30 days from the date of entry into force.”
The Bank of Thailand has repeatedly stated that it does not support cryptocurrencies as a means of payment.
In January, the market regulator in Indonesia also warned financial companies not to offer or facilitate the sale of cryptocurrencies, as there has been explosive growth in their use.
Thailand may be the last in a series of countries that oppose cryptocurrency, but it is certainly not the only one.
Namely, some countries of the world have either banned crypto or introduced certain restrictions, while central banks have long appealed and called on governments to introduce norms.
Qatar has introduced a ban since January 2020, the Central Bank of China said in September 2021 that any crypto transactions are illegal and banned, Turkey has banned payments in cryptocurrencies, including Bitcoin, directly or indirectly since last April.
In addition, cryptocurrency in Russia has a “legal status”, but its use is not allowed for the purpose of payment. Civil servants cannot own it as property.
It is also stated that Northern Macedonia is the only European country that has introduced a total ban on cryptocurrencies, which refers to spending, trading, investing. The Bank of Bangladesh has declared the possession or payment of cryptocurrencies illegal, and Egypt, Morocco, and Iraq think similarly.
And that’s not the end, more than 40 countries have either banned cryptocurrencies or imposed restrictions, and the US Treasury Department recently published details of Joe Biden’s executive decree, according to which digital assets and the crypto market receive government support.