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Thailand against the cyrptocurrency concept

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

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