Thailand will ban payments in cryptocurrency from April 1

 

Thailand will ban payments in cryptocurrency from April 1

The Country's Securities and Exchange Commission believes that the use of digital assets will negatively affect the financial system and reduce the effectiveness of the state's monetary policy.

From April 1, it will be forbidden to use cryptocurrencies as a means of payment in Thailand. The corresponding decision was made by the local regulator - the Securities and Exchange Commission (SEC) of Thailand. The department stressed that the use of digital assets can negatively affect the stability of the financial system and the economy as a whole, including risks for people and business, writes Bloomberg Quint.

After the entry into force of the new rules, companies in Thailand will be prohibited from advertising the acceptance of payments in cryptocurrency and create systems, tools and wallets that will facilitate transactions in cryptocurrency. For violation of the law on cryptocurrency, liability is provided, including suspension or complete ban on the provision of services.

Restrictions on the use of cryptocurrencies as a means of payment begin to operate from April 1. Companies have until the end of next month to start complying with the new requirements. They will not affect trading or investment in digital assets.

In October last year, Thai Prime Minister Prayut Chan-o-cha warned of the danger of growing interest in investing in cryptocurrency among young investors. Chan-o-cha urged investors to soberly assess all the risks associated with digital assets, as well as be prepared for the loss of all savings.

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