BANGKOK – In late 2013, the Bank of Thailand issued an advisement on bitcoin which stirred up fear, halting the buying and selling bitcoin and using them to pay for goods and services.
Bitcoin Co. Ltd. announced that it has received a letter from the Bank of Thailand that determined, Bitcoin exchange operations do not fall under the scope of Ministry of Finance regulation unless foreign currencies are also offered for exchange. Thailand’s largest exchange, Bitcoin Co. Ltd., announced that they would immediately resume all trading operations. Bitcoin Co. Ltd.’s press release does not mention that the letter essentially says that this position is the Bank’s interpretation and gives no assurances that the Ministry of Finance will not change the regulatory scheme without warning.
Thailand has been upgraded to a ‘contentious’ status on BitLegal, leaving Russia and Iceland as the only two countries who’ve vocally taken a hostile stance on digital currency.