Thailand bans banks from dealing with cryptocurrencies
The Bank of Thailand (BOT) has asked domestic financial institutions to refrain from doing any business involving cryptocurrencies in fear of trading in an unregulated market.
Bangkok (VNA) – The Bank of Thailand (BOT) has asked domesticfinancial institutions to refrain from doing any business involvingcryptocurrencies in fear of trading in an unregulated market.
Accordingly, Thailand’s banks are not allowed to do cryptocurrencyinvesting and trading, as well as participating in or creating cryptocurrencyexchanges and platforms for trading in cryptocurrencies.
They are ordered to deny its customers to use their credit cardsto purchase cryptocurrencies and barred from advising their customers to investor trade in cryptocurrencies.
According to BOT, cryptocurrencies could be used in illegalactivities such as money laundering or supporting terrorism.
After a recent discussion, related agencies agreed that regulatorscannot stop the use of virtual currencies but will have to regulate and controlthem in an appropriate manner, said Minister of Finance Apisak Tantivorawong.
A regulatory framework to govern digital currencies will soon bedeveloped, he added.-VNA
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Illustrative image (Source: coinidol.com) 
