- Thailand Government SEC announced new rules to ban cryptocurrencies as modes of payment.
- Crypto payments threaten the countries stability of the payment system says SEC
Thailand’s Security and Exchange Commission (SEC) yesterday announced a ban on the use of cryptocurrencies as a payment method. An announcement was made yesterday March 23. So as the announcement it will be illegal for users inside Thailand to pay for goods and services with any kind of cryptocurrency from April 01, 2022, onwards.
Furthermore, SEC added that payments from digital assets threaten the stability of the payment system in the country. The ban was made in consultation with the Thailand Central bank, as they show cryptocurrency payments can risk the country’s financial stability and can be used in money laundering.
This is not a complete ban on cryptocurrencies. Thailand’s government says they will continue to support the use of crypto technologies and blockchain technology. Thailand has been one of the first countries to create a digital currency backed by its own central bank.
Thailand economic experts say for a country like Thailand which is a beautiful tourist location will be needed cryptocurrency payment methods. Most western people come to Thailand so accepting cryptocurrency payments will be a relief and easy way for the most number of tourists.
However, from April 1 onwards users in Thailand will not be able to use cryptocurrencies as a payment method. Anyone who will break the law will face legal actions.
Thailand has a big crypto user base. According to reports, Thailand was Ranked 14th among countries globally by the number of cryptocurrency users based on a 2021 analysis report. However, the ban is not a complete ban so users will look forward to Thailand’s government decisions.
