Thailand forbids commerce with digital currencies

Through a circular, the president of the Central Bank of Thailand, Veerathai Santiprabhob, reported that it is prohibited in the country to trade with digital currencies (such as Bitcoin) among financial institutions.

According to the measure, banks can’t exchange digital currencies for traditional currencies or offer them on commercial platforms. It is also not allowed to use credit cards for the purchase of digital currencies or to give advice to clients about the acquisition and trade with digital currencies.

To justify the bans, the central bank alleges that “it is concerned about the problems and fraud that may arise from trading with cryptocurrencies.” The issuing bank fears, for example, that virtual currencies will be used to launder money or support terrorism.