Thailand against the cyrptocurrency concept

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Thailand against the cyrptocurrency concept

The Bank of Thailand has sought cooperation from all financial institutions to refrain from undertaking transactions or supporting transactions concerning crypto-currency.

The following transactions to be avoided by all financial institutions include: investment, sale or purchase of crypto-currency for the benefits of the institutions or their clients; providing crypto-currency exchange service through service channels of financial institutions; building platform as a medium for customers to undertake crypto-currency transactions among them; allowing customers to use their credit cards to purchase crypto-currency and providing support or advice to customers about investment or exchange in crypto-currency.

Moreover, the central bank also urged financial institutions to exercise extra caution on services regarding deposits and credits which may link to the opening of accounts or use of accounts for crypto-currency transactions.

Financial institutions were told to know their customers and to check their customers in accordance with the law and to prevent them from undertaking transactions which may lead to violations of the law.

Source: PBS

  • Russian Carrot

    “Financial institutions were told to know their customers and to check their customers in accordance with the law” – what law? can I see the text? How “the check” supposed to look like? Could we wake up and get our accounts frozen one day?

  • Ok now

    The whole idea of Crypto is to avoid even doing any business with banks ???……….people paying for crypto with credit cards would be like expecting a drug dealer to have credit card facilities ??……………the idea of it is to be anonymous and under the radar ???

    • Sly

      The whole idea of crypto is to get away from government fiat money, of which they can print as much as they like and when they like with no fixed rules. For some reason people don’t trust their thieving and incompetent governments with such power;) Unfortunately in the rush for crypto it’s become an asset rather than a store of value and because there’s very little around a rapid appreciation and bubble.

  • Suzy Wong

    All bubbles had the same life cycle in history: those who bought early, became rich, those who bought late , lost their money.

    It is the same with Bitcoin and other cryptocurrencies, if you buy now, you are late, ,now you have a big chance of loosing your savings.

  • AwanderingSoul

    They are against it until they can figure out a way to make money from it.