Cryptocurrency Operations Were Banned in Thailand

The Bank of Thailand has banned all financial institutions of the kingdom from any operations with cryptocurrencies. This is reported by Finance Magnates.

It is noted that Thai banks can no longer invest in the cryptocurrency, as well as sell it, create platforms for its trading and exchange.

In addition to it, the banks are prohibited to recommend their customers to use digital money as an investment tool. It is also prohibited to give loans for the purchase of cryptocurrencies.

The Thai authorities explained such restrictions by the fact that cryptocurrencies can be used on the territory of the country for financing terrorism or laundering money in the informal sector of the economy.

Mr. Tantivorawong said: “The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month”.

“After a recent discussion, related agencies agreed that regulators cannot stop the use
of virtual currencies but will have to regulate and control them in an
appropriate manner,”
he added.

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