Even though Thailand has not banned the use of cryptocurrencies in the country, its central bank has announced that financial institutions will no longer offer crypto-related services.
Banks Barred From Bitcoin
As per a request from the Bank of Thailand, the country’s financial institutions will no longer be allowed to invest in or sell digital currencies, develop trading platforms, or grant loans to clients hoping to purchase crypto.
In addition, these institutions cannot offer any advisory support to clients hoping to invest in virtual currencies.
According to RT News, this doesn’t change the non-ban status of cryptocurrencies in the country as confirmed by the Thailand’s Finance Minister, Apisak Tantivorawong:
The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month.
The central bank’s decision is based on the concern that cryptocurrencies may be used to finance illicit activities like money laundering, and that they may be used to finance terrorism. Future regulations may help lessen this fear, but Tantivorawong believes that they will not diminish crypto popularity and usage in the country.
After a recent discussion, related agencies agreed that regulators …
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