Bitcoin Banned in Thailand

[mike]

http://www.comparegoldandsilverprices.com/bitcoin-banned-in-thailand/

The following Bitcoin activities are now illegal in Thailand:

• Buying Bitcoins
• Selling Bitcoins
• Buying any goods or services in exchange for Bitcoins
• Selling any goods or services for Bitcoins
• Sending Bitcoins to anyone located outside of Thailand
• Receiving Bitcoins from anyone located outside of Thailand

 

[Potemkin]

Wow... if that's true and not just a rumor, then a bunch of Thai people must be getting rid of their bitcoins... transforming them into real money or buying things with them.

I wonder what way they have out of this? Since it's already illegal, I am wondering what the big holders can do with them? If they start selling them or buying something with them, they're doing something illegal...

At least PM's are not illegal... for now!

 

[mike]

It's not rumor. See for yourself:

https://bitcoin.co.th/trading-suspended-due-to-bank-of-thailand-advisement/

 

[Potemkin]

Terrible... but I never trusted bitcoin from the start. It's a digital fiat currency.

 

[ancona]

Can't have any competition for the good old Baht now can we?

That's just my two Satang worth. ;-)

 

[dontdeBasemebro]

Terrible... but I never trusted bitcoin from the start. It's a digital fiat currency.

Agreed, I wouldn't touch bitcoin with a 10ft ehternet cable. There is absolutely nothing stopping the .gov from hitting a few keystrokes and making bitcoin disappear.

That said, while I would never store my own purchasing power in bitcoin, I have no problem with those who do and actually encourage currency competition.

So, I like the fact that bitcoin does exist as it is one of the many currencies we would be able to choose from if we had the desperately needed HR 1098 Free Competition in Currencies.

 

[bushi]

It's a digital fiat currency.

no it isn't. It is PURELY supply/demand kind of currency, as such, it is the EXACT OPPOSITE of government fiat currency.

It would be extremely difficult to enforce any of these regulations, if people were really behind Bitcoins in Thailand. Of course "They" can make it illegal - just like they can declare holding, buying, selling and exchanging other goods for precious metals illegal, at any given time.

Question remains about possibility to enforce such a king's decree. I daresay, enforcing precious metals ban would be technically a whole lot easier, than enforcing Bitcoins ban.

EDIT: That's not to say, that enforcing PMs ban would be easy, or even practical to enforce

 

[helenmoss]

Surely Thai nationals will be discarding their Bitcoins now. I wonder if they can just share it to others. Let's cross our fingers guys! Just read BitcoinDaily news and it seems that China is also against Bitcoin mania.

 

[pmbug]

Hi HM, welcome to the forum. :wave:

When bitcoins are outlawed, only outlaws will have/use bitcoins.

BTW, There are problems inherent in the bitcoin structure that will likely make it easier for governments to control bitcoin in the years ahead. See video and discussion here:

http://www.pmbug.com/forum/f4/bitcoin-discussion-2207/index7.html#post26885

 

[helenmoss]

Sure thing Thailand will be surprised about the major hike in bitcoin price. Bitcoins are highly specualtive mainly becuase it's unregulated and volatile.