Since April 1, Thailand will prohibit the use of cryptocurrencies as a means of payment. The decision was made by the local regulator – the Securities and Exchange Commission (SEC) of Thailand. The agency stressed that the use of digital assets could adversely affect the stability of the financial system and the economy as a whole, including risks to people and businesses, writes Bloomberg Quint.
Once the new rules take effect, companies in Thailand will be banned from advertising the acceptance of cryptocurrency payments and creating systems, tools and wallets that facilitate cryptocurrency transactions. Violations of the cryptocurrency law will be punishable, including suspension or outright banning of services.
Restrictions on the use of cryptocurrencies as a means of payment begin 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.
Last October, Thai Prime Minister Prayut Chan-ocha warned of the dangers of rising interest in cryptocurrency investments among young investors. Chan-Ocha urged investors to soberly assess all the risks associated with digital assets and to be prepared to lose all their savings.