Why You Won't Be Able To Pay With Bitcoin Or Dogecoin In Thailand From Next Month

Why You Won't Be Able To Pay With Bitcoin Or Dogecoin In Thailand From Next Month

Thailand will not allow the use of cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD for payments of goods and services beginning April 1.

What Happened: Thailand’s Securities and Exchange Commission (SEC) and the country’s central bank — the Bank of Thailand — were earlier discussing a need to regulate such activity, according to a statement from the Thai SEC, first noted on Reuters. 

The move to restrict the use of cryptocurrencies is reportedly in line with the discussions between the regulators.

See Also: How To Buy Ethereum (ETH)

Why It Matters: Last year Thailand banned all meme coins such as Dogecoin and Shiba Inu (SHIB) along with non fungible tokens (NFTs). 

Thailand’s move is in contrast with Japan, where the Japan Virtual and Crypto Assets Exchange Association (JVCEA) is moving to prepare a “green list” of 18 widely accepted cryptocurrencies in late March, according to a report from Nikkei.

This list will reportedly do away with the requirement of local exchanges having to screen coins with the JVCEA before listing. The list includes Bitcoin, Ethereum, Ripple (XRP), and Litecoin LTC/USD

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Posted In: BitcoindogecoinEthereumThailandCryptocurrencyGovernmentNewsRegulationsMarkets

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