Bitcoin, the nationless online currency, has been banned in Thailand.
The service annouced the suspesion of all of its services in Thailand yesterday on its blog.
Initially the Bank of Thailand had bypassed the company’s money exchange license on the basis that Bitcoin was not a currency. The company said it was in the process of registering with the various Thai government agencies in order to operate in a lawful manner.
But in a meeting on Monday the Thai Foreign Exchange Administration and Policy Department decided that due to “lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets” Bitcoin activities are illegal in Thailand.
Specifically, the government banned:
– Buying Bitcoins
– Selling Bitcoins
– Buying any goods or services in exchange for Bitcoins
– Selling any goods or services for Bitcoins
– Sending Bitcoins to anyone located outside of Thailand
– Receiving Bitcoins from anyone located outside of Thailand
The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.
