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Thailand Central Bank Urges Banks To Desist From Cryptocurrency


The central Bank of Thailand has asked all banks in the country not to deal with cryptocurrency transactions.

An official circular issued by Bank of Thailand [BoT] Governor Wisit Santiprabop prohibits all national banks from engaging in five key cryptocurrency activities:

Investing or trading in cryptocurrencies, exchanging cryptocurrencies, creating platforms for cryptocurrency trading, allowing clients to use credit cards to buy cryptocurrencies, and advising customers on cryptocurrency investing or trading.

Bank of Thailand is the latest in a series of banks that have banned the purchase of cryptocurrency using their debit or credit cards.

Citi Bank, Bank of America, JP Morgan and Lloyds are the others in the list.

The Thai central bank said it is drafting new regulations to prevent the people from losing money.

The Bank cited concerns over digital currencies being used for illegal activities, such as money laundering or terrorist activities.

Cryptocurrencies are not legal tender in Thailand, it noted.

The BOT circular comes a week after Thai Finance Minister Apisak Tantivorawong made it clear that the government will not ban crypto trading. A framework to regulate digital currencies will be framed within a month, according to him.

Thailand's Securities and Exchange Commission (SEC Thailand) is in support of Initial Coin Offerings (ICO).

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