Thailand Is Banning Crypto for Payment. Why Bitcoin Prices Haven’t Flinched
Thailand’s financial regulator announced that digital assets like Bitcoin and other cryptocurrencies will be banned as a method of payment as of April 1. While it’s not an outright ban on trading or holding digital assets, which is relatively popular in Thailand, the new rules on Bitcoin and other cryptos damage one of their key use cases as a payment alternative to cash.
Thailand’s Securities and Exchange Commission said Wednesday that the ban, made in consultation with the country’s central bank, was driven by risks to financial stability as well as concerns over money laundering.
The prospect of legal limits on digital assets in Russia or India have dented prices in the past, as has China’s outright ban on crypto. All three countries have the possibility for massive crypto economies, with Russia and India home to many of the world’s digital asset owners.
Thailand was ranked 14th among countries globally by the number of crypto users that call it home, based on a 2021 analysis by Singaporean blockchain fintech TripleA. Crypto is quite popular in Thailand in relative terms; by number of digital asset owners as a share of the population, Thailand ranks 12th, with 5.2%, ahead of the U.K., Brazil, France, Germany, and others major economies.
were slightly lower on Wednesday, they traded largely in line with the stock market. The prospect of legal limits on digital assets in Russia or India have dented prices in the past, as has China’s outright ban on crypto. All three countries have the possibility for massive crypto economies, with Russia and India home to many of the world’s digital asset owners. Thailand was ranked 14th among countries globally by the number of crypto users that call it home, based on a 2021 analysis by Singaporean blockchain fintech TripleA. Crypto is quite popular in Thailand in relative terms; by number of digital asset owners as a share of the population, Thailand ranks 12th, with 5.2%, ahead of the U.K., Brazil, France, Germany, and others major economie
Thailand was ranked 14th among countries globally by the number of crypto users that call it home, based on a 2021 analysis by Singaporean blockchain fintech TripleA. Crypto is quite popular in Thailand in relative terms; by number of digital asset owners as a share of the population, Thailand ranks 12th, with 5.2%, ahead of the U.K., Brazil, France, Germany, and others major economies.
While Thailand’s ban on crypto transactions is a hit to Bitcoin’s principles, the country’s digital asset footprint is small in absolute terms. The prohibition on Bitcoin. and other digital assets being used for payment is unlikely to dent the $1.9 trillion global crypto market
