Bitcoin is a variant of the much-hyped cryptocurrency. It is the most highly valued and popular digital currency. Let us know ‘Does Thailand Accept Bitcoin?’. Thailand has had a bitter-sweet relation with the advent of the bitcoin and cryptocurrency legality.
Regulation of Crypto-currency in Thailand
The Bank of Thailand (BOT), the Securities and Exchange Commission of Thailand and the Ministry of Finance in the month of January 2022 had issued a press release analyzing the usage of cryptocurrencies and its impact of the financial health of the country. The regulators stated that they shall try and regulate the use of digital currencies so that it does not possess a risk to the financial system of the country. The Governor of the BOT acknowledged the systematic and continuous use of digital currencies for payment had allied activities. Thus, pressed concerns in relation to the supervision that is required in this regard.
Steps taken by the Government of Thailand
The financial stakeholders recently had released a consultation paper to seek views from the concerned people on digital assets. The consultative process, however, now closed, will see its implications in the months that lie ahead. The Government has also invited the comments of the public on the regulatory approach on the ready-to-use utility tokens and digital asset exchange supervision. The consultative process on this regard ends on June 29, 2022. In essence the government of Thailand has been trying to take the views of the general public along with the critical approach that is being followed by the financial stakeholders of the country.
Are Bitcoin Accept in Thailand?
Bitcoins along with all other cryptocurrencies have been banned in Thailand as a means of meeting payment obligations. This step was taken by the financial regulator in a bid to secure the financial stability in Thailand’s financial system.
What Does This Mean, In Terms of Bitcoin’s Legality?
While the government has placed an outright ban on all activities that went in the payments through Bitcoins and all other forms of digital currencies beginning from April, 2022. When it comes to the legality of Bitcoins and other cryptocurrencies. The government has not posed any ban on the holding and trading of cryptocurrencies. Meaning thereby, that a person can hold Bitcoins along with the other allowed crypto currencies in Thailand. The same can be used to trade and earn a revenue out of the same. However, Bitcoins cannot directly be used to purchase goods. Therefore, in terms of its legality, it is per se legal, however, a dark cloud is cast upon the future of Bitcoins and other cryptocurrencies in the country. The financial regulators in the months to come will shed more light upon the legality of the digital payments’ world in Thailand. Until then the speculations will continue to persist.
Why Did Thailand Take This Step?
While the reasons can best be attributed simply to the fact that it wants to safeguard its’ financial health as a nation. Since Bitcoins being very volatile and not being regulated makes it worrisome for the government to rely as a basis of legal tender. The people of Thailand having been extensively invested in the digital currencies, have promoted the risk factor to an entirely different dimension altogether. The government of Thailand in January 2022 shared an information that, the digital assets held by Thai citizens has increased drastically to 114.5 billion baht from 9.6 billion baht, just a few years ago.
The United States’ in Picture
For many reasons, the USA has been advancing and taking steps in the positive direction in terms of digital payments and currencies. As a matter of fact, Americans visiting Thailand, would not be very excited, in terms of using their bitcoins directly to spend on goods and services. While the United States government has been far active than other governments to navigate a way out to utilize the potential that lies in the bitcoin and digital payments network the reality might be different. The President of the USA through an Executive Order on March 09, 2022 has ordered various departments to work closely in ensuring a safe and secure environment for developing digital assets.
Conclusion
With the current value of 1 Bitcoin being 10,32,915.09 Thai Baht, the approach taken by the government makes it a wise decision. However, early legislation into this area will ensure this Asian country to grow as a leader in this area. Since the neighboring countries are still contemplating as to the future steps. Thailand has taken its initial baby steps and has been in the right direction. For future entrepreneurs who see the chances of having a trading platform in some Asian country.
This can be a lucrative offer. With a little track on the steps being taken by the financial regulators in Thailand. And a bit of analyses along with a pinch of due diligence, may do the magic for the future entrepreneurs, who have been keen on Thailand as a prospect for digital currencies. Thus, the Bitcoin magic can accept unfurl in Thailand.
