Bank of Thailand [BoT] asks its banks not to trade in Bitcoin and cryptocurrencies – But no Ban!

Source : Bank of Thailand [BoT] asks its banks not to trade in Bitcoin and cryptocurrencies – But no Ban!
The official circular was released by Bank of Thailand [BoT] instructing all national banks to prevent any kind of investment or trade involving cryptocurrency. It also asked the banks to ban the transactions involving credit cards to buy cryptocurrencies. They also made clear that these rules will be in implementation until new regulations are being formed to prevent the people from losing money.
Thailand’s Finance Minister, says,
“The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month”
He further added BoT is not an appropriate organization to regulate virtual currencies as they do not recognize them as a legal tender rather the securities watchdog Thai Securities and Exchange Commission (TSEC) is the appropriate authority to oversee cryptocurrencies in Thailand.
Anurak Bunyasarn, a cryptocurrency enthusiast, and a Bitcoin miner says on Twitter says,
“There is no ban guys, the FM just says that banks won’t be allowed to trade. The media needs to chill. Everyone just wants to kill Bitcoin it feels like. It has become a practice by mainstream media to jump into the scenario and term it as clampdown whenever a country tries to regulate the operations involving cryptocurrencies.”
Chaowalit Budsaba, a Financial Advisor from Bangkok spoke to AMBCrypto and says,
“This is nothing new, all other countries have already implemented it. They won’t be allowed to trade but they would integrate the blockchain technology soon like all other countries”
Resembling the stance taken by South Asian nations like South Korea, Thailand has asked its bank not to trade on cryptocurrency.
These regulatory measures taken by national governments is not new. The bigwigs like US and UK also has restricted the use of credit cards for the purchase of cryptocurrencies. The only crypto exchange of Thailand, BX Thailand stood as the support for the customers stating that BoT banned only banks and money institutions from the usage of cryptocurrency wherein BX Thailand is an exchange and are unaffected by those rules.
Along with Japan, Singapore and Hong Kong who are generally termed as sister countries/cities to Tharemainemains open to crypto trading. Leading blockchain firms like Power Ledger and OmiseGO still gets an unheralded support from Thailand Government.
The recent activities involving various national government websites being hacked and compromised has lead to a fear in the mind of the investors. So the national governments are taking measures to counterfeit them. Gibraltar Government was another country that introduced regulations related to cryptocurrencies.
The post Bank of Thailand [BoT] asks its banks not to trade in Bitcoin and cryptocurrencies – But no Ban! appeared first on AMBCrypto.

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