Thailand Bans Cryptocurrency As Payment For Goods, Services

Thailand’s securities regulator announced Wednesday, Mar. 23, 2022, that it is barring the use of cryptocurrencies for payment of goods and services, the Associated Press (AP) reported.

Photo Insert: The Securities and Exchange Commission (SEC) said it was taking action in order to protect the stability of the country’s financial and monetary systems from threats including money laundering and other cybercrimes.

The ruling effective April 1 does not ban investment in cryptocurrencies, which has become increasingly popular in the past year after being promoted by local exchanges.

The Securities and Exchange Commission (SEC) said it was taking action in order to protect the stability of the country’s financial and monetary systems from threats including money laundering and other cybercrimes.

SEC’s regulation also specifically bans the promotion of cryptocurrencies for payment along with the distribution of software and devices for that purpose.

It says as well that operators of digital asset businesses must warn their customers of the ban and can suspend their accounts if they violate the regulation. Businesses have until the end of April to comply with the ban.

In a related development, US Federal Reserve Chairman Jay Powell said the government will have to craft stiffer regulations covering cryptocurrency since it cannot be considered as money, has no underlying value, and is not an obligation of the US federal government.

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