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**Ifroham4** · 08-08-2013, 10:31 AM

Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency.

In a statement on its website, Bitcoin Company Limited said it had given a presentation to the Bank of Thailand about how the currency works in a bid to operate in the country.
However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand".
The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country.
Bitcoin said it "has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance [sic] of Bitcoin", adding that "the Bank of Thailand has said they will further consider the issue, but did not give any specific timeline".
Launched in 2009 in the wake of the global financial crisis, bitcoins are "mined" using complex computer source code. The virtual currency started as a relatively niche method of payment, devised by an anonymous programmer, but can now be used for anything from online gambling to pizza delivery.

08-08-2013, 10:31 AM	#1
Ifroham4 Join Date Apr 2007 Posts 5,196 Senior Member	Bitcoins banned in Thailand Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency. In a statement on its website, Bitcoin Company Limited said it had given a presentation to the Bank of Thailand about how the currency works in a bid to operate in the country. However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand". The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country. Bitcoin said it "has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance [sic] of Bitcoin", adding that "the Bank of Thailand has said they will further consider the issue, but did not give any specific timeline". Launched in 2009 in the wake of the global financial crisis, bitcoins are "mined" using complex computer source code. The virtual currency started as a relatively niche method of payment, devised by an anonymous programmer, but can now be used for anything from online gambling to pizza delivery.
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