Bank of Thailand lifts ban on Bitcoin, trading resumes
When Bank of Thailand declared that Bitcoin is illegal last July, it is the first country to ban the cryptocurrency. Even though the official statement does not amount to an actual ban, Thailand’s Foreign Exchange Administration essentially categorize all activities involving Bitcoins as illegal due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets.
The recent turn of event brings some good news to Bitcoin enthusiasts in Thailand. Thailand’s largest Bitcoin exchange, Bitcoin.co.th announced that they have received a letter from the Bank of Thailand which determined that since Bitcoin does not categorize as foreign currency, Bitcoin does not fall under the scope of Ministry of Finance.
For the time being, Bitcoin exchanges will be allowed to operate in Thailand and with immediate effect, Bitcoin.co.th has resumed all trading operations. This certainly doesn’t mean that the Ministry of Finance will not change its stance later on. It seems that Thailand may be waiting for other countries’ actions before coming out with its own Bitcoin regulations.