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  1. #51
    Thailand Expat harrybarracuda's Avatar
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    Bank of Thailand bans Bitcoin

    Bank of Thailand bans Bitcoin

    Buying and selling Bitcoin banned, mining them still okay
    By Phil Muncaster, 30th July 2013

    Bitcoin suffered a major blow to its international reputation on Monday after Thailand became the first country to outlaw the virtual currency outright.

    The online-only currency biz had been trying to operate lawfully in the Southeast Asian country, requesting guidance from the Bank of Thailand about which licenses it needed to procure, it said in a statement.

    The bank, which acts as the governing body of Thailand’s financial services industry, had initially ruled Bitcoin was not a currency, however, on Monday it changed its mind and apparently invited the firm back to a meeting with 15 bank officials.

    The Bitcoin statement continued with the following:

    At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:

    Buying Bitcoins; Selling Bitcoins; Buying any goods or services in exchange for Bitcoins; Selling any goods or services for Bitcoins; Sending Bitcoins to anyone located outside of Thailand; Receiving Bitcoins from anyone located outside of Thailand.

    The ruling will be a blow to the virtual currency as it seeks to stay afloat in the face of increasing pressure from financial authorities across the globe.

    Back in May, the US Department of Homeland Security prevented Americans from reaching Mt Gox – the world’s largest Bitcoin exchange – pending a further investigation into whether it was operating as an "unlicensed money service business".

    There’s still a great deal of suspicion in official circles about the crypto-currency system which many suspect attracts a motley crew of punters including money launderers, terrorists and drug dealers.

    That said, if financial regulators around the world won't even let Bitcoin get the licenses it needs to operate and be vetted properly, its hands will be pretty much tied. ®

  2. #52
    Thailand Expat VocalNeal's Avatar
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    Because gambling is illegal in Thailand?

  3. #53

  4. #54
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    Because the Bitcoin valuation is stronger than the Baht?

  5. #55
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    bitcoin ruled illegal in LOS

    The Thai authorities have ruled that Bitcoin activities are illegal in the country, forcing local exchange Bitcoin Co. Ltd to suspend operations.

    As outlined in a blogpost, Bitcoin Co. Ltd has been working to register the currency with the relevant government agencies in order to operate in a lawful manner. As part of this due diligence, the organisation contacted the Bank of Thailand, the Thai financial governing body, in order to ask for guidance about any licenses that might be necessary for trading bitcoins.

    Having initially ruled that Bitcoin was not a currency, the Bank of Thailand invited the company for a meeting on 29 July 2013 to try and understand how Bitcoin works in general and, specifically, how Bitcoin Co. Ltd operates.

    Senior members of the Foreign Exchange Administration and Policy Department concluded that because there were no existing laws that apply to Bitcoin and the fact that the cryptocurrency "straddles multiple financial facets", a wide range of Bitcoin activities should be illegal. These include buying and selling bitcoins, selling or buying any goods or services in exchange for bitcoins, sending bitcoins abroad or receiving them from anyone located outside of Thailand. The ruling has led Bitcoin Co. Ltd to cease operations until Thai laws are updated.

    It seems a shame that the Bitcoin company trying to play by the rules is the one to be shut down. However, it seems virtually impossible to police the issue on an individual basis.

    9 COMMENTS


    Thai central bank rules Bitcoin to be illegal (Wired UK)

  6. #56
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    its a pyramid a la madoff style

  7. #57
    Thailand Expat harrybarracuda's Avatar
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    Oops sorry Mid, forgot where this thread was.


  8. #58
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    Quote Originally Posted by ltnt View Post
    Because the Bitcoin valuation is stronger than the Baht?
    ....or, in reality, the Bitcoin is no more valuable than any world currency.

    Which is largely based on illusion.
    Currencies, economies, life....

  9. #59
    I am in Jail
    leemo's Avatar
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    Quote Originally Posted by chingching View Post
    its a pyramid a la madoff style
    Made and will make many rich, while the mugs will scratch their heads wondering how anything could possibly have gone wrong investing in e-money.

  10. #60
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    Quote Originally Posted by Rural Surin View Post
    Quote Originally Posted by ltnt View Post
    Because the Bitcoin valuation is stronger than the Baht?
    ....or, in reality, the Bitcoin is no more valuable than any world currency.

    Which is largely based on illusion.
    Currencies, economies, life....
    Does it have a government backing with reserves then?

  11. #61
    Member Bettyboo's Avatar
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    Where is Socal when we need some intelligent explication?

  12. #62
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    Kurgen's Avatar
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    throw a bastid great envelope of tea money at some head wanker at the Bank of Thailand, job done.

  13. #63
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    Quote Originally Posted by leemo View Post
    Quote Originally Posted by chingching View Post
    its a pyramid a la madoff style
    Made and will make many rich, while the mugs will scratch their heads wondering how anything could possibly have gone wrong investing in e-money.
    Amen (here endeth the lesson)

  14. #64
    ding ding ding
    Spin's Avatar
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    Quote Originally Posted by harrybarracuda
    Bitcoin suffered a major blow to its international reputation on Monday after Thailand
    Jezus H Christ, this is fucking hilarious, bitcoin, the fucking stupid nonsense non-entity with zero international credibility stands to receive a major blow from a country that has zero international credibility.


  15. #65
    disturbance in the Turnip baldrick's Avatar
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    Quote Originally Posted by chingching
    its a pyramid a la madoff style
    maybe you should examine the teechnical beauty of its design before dismissing it out of hand.

    this may well be e currancy mark one , but it is likely the forefather becuase of what it was designed to be.

    the designer is still not confirmed - only strongly suspected

  16. #66
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    How can you enforce a ban on virtual currency, and if they ban bitcoins why dont they ban airmiles, credit card points and gift certificates.

  17. #67
    Thailand Expat Jesus Jones's Avatar
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    Because trading via bitcoin takes the power and surveillance away from the banks!

  18. #68
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    Every centralized banking scheme around the world (which is one and the same as they are all controlled by the same entities) want to see bitcoins destroyed ASAP as it threatens their stranglehold on the worlds monetary systems it is that simple. Doesn't matter if bitcoins are as white as fresh fallen snow or black as the depths of Hades it is all just spin to make sure the central banking scheme's keep a firm control of all the worlds monies. If countries had control of their money instead of the big banks none of this would even be a problem.
    I'm not saying it was Aliens, but it was Aliens!

  19. #69
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    Quote Originally Posted by Rural Surin
    or, in reality, the Bitcoin is no more valuable than any world currency.
    ...and no less valuable.

    [QUOTE="kingwilly"]Does it have a government backing with reserves then?

    Internally backed by deposits of Bitcoin users. Not much different than the BOE or US Fed. except the Bitcoin users use actual money not newly printed or minted useless coinage. It works a bit like the barter system and leaves few tracks for interested government agencies. Puts the "P," back into Privacy in Banking.

  20. #70
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    theyre ideal for criminals to move their loot around the globe without hindrance .

    **************************

    Thailand isn't exactly known for its unquestionable ethics; activities that would quickly be labeled as illegal in the West are practiced in plain view in Bangkok. Loose regulations mean that a nearly limitless array of goods and services can be purchased with cash and even credit -- a currency like Bitcoin would only be necessary for the most heinous of exchanges. It's a bit ironic, then, that the Thai government is now the world's first to ban Bitcoin. Following a conference at the Bank of Thailand yesterday, the Foreign Exchange Administration and Policy Department voted to make the digital coinage illegal, prohibiting people from buying, selling or trading Bitcoins for goods or services. Additionally, Bitcoins cannot be moved into or out of the country, rendering any current stockpiles worthless. The Bank of Thailand ended its dispatch with a promise to revisit the ruling in the future, though this landmark decision could prove to be the beginning of the end for Bitcoin.

    Bitcoin ban means one less option for bribing Thai officials



    dont be the last to be holding the baby when it goes tits up ,just like the old pyramid when they run for the exits

    hedge funds are big holders of bitcoins as you would expect ,but how will they react to this ?
    Last edited by chingching; 31-07-2013 at 11:20 AM.

  21. #71
    Thailand Expat
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    Suspect Bitcoin is a tad bigger than Thailand and will do just fine with out them ....................

  22. #72
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    they peaked at around $266 then dropped back to 100 ,and owners have had trouble getting their money back when they wanted to redeem them for cash .

    *********************************
    looks like china may follow the thais

    Thai Bitcoin exchange suspends trading
    Thailand's central bank declares Bitcoins illegal, according to company overseeing virtual currency in country
    Bitcoin tokens at a software shop in Sandy, Utah, US. China may follow Thailand by making the virtual currency illegal, according to one expert. Photograph: Rick Bowmer/AP
    A Bitcoin exchange in Thailand says it has suspended trading after officials declared the virtual currency illegal.

    The company overseeing Bitcoins in the country said the Thai central bank had informed it on Monday that it was illegal to trade Bitcoins, move them in or out of the country, or use them to buy or sell goods or services.

    Despite wild swings in value the virtual currency has been inching towards broader acceptance. Atlanta-based BitPay handles Bitcoin transactions for more than 4,500 companies, taking payments in Bitcoins and forwarding the cash equivalent to the vendor involved.

    The statement said Bitcoin had applied to the Bank of Thailand for a money exchange licence as part of efforts in the past several months to ensure it was operating lawfully in the country.

    The central bank had no immediate comment.

    Bitcoins are created, distributed and authenticated independently of any bank or government. The currency's cryptography makes it almost immune from counterfeiting and its relative anonymity holds out the promise of being able to spend money across the internet without scrutiny.

    Vitalik Buterin, a writer for Bitcoin Magazine, said: "Thailand is not exactly a bastion of liberty. This may influence it [China] to take a harsher stance on Bitcoin as well."

    Calls by the Associated Press to Bitcoin were unanswered. Domain registry information shows that its website was created in June.

  23. #73
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    If it were actually illegal you'd have a penalty that could be applied
    for breaking the law. Anyone care to tell us what is the penalty for
    trading bitcoins in Thailand?

    Since there is no law on the books in Thailand regarding Bitcoin
    it is deemed to be legal. This is a principal in British law, Thai law and
    most countries. That which is not specifically prohibited is therefore permitted.

    There's been much discussion on the issue over at bitcointalk.org and reddit.com/r/Bitcoin.

    This story came about because an individual wanted to start a Bitcoin
    business (an exchange I think) in Thailand. He has gone about it the
    wrong way by consulting with central bankers.

  24. #74
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    Quote Originally Posted by jerrywade
    That which is not specifically prohibited is therefore permitted.
    very interesting point

  25. #75
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    Bitcoin is NOT illegal in Thailand

    The issue has been put to rest now I think.
    This time the article gaining traction is headlined
    "Bitcoin is NOT illegal in Thailand"

    btcglobal.net/blog/post/bitcoin-is-not-illegal-in-thailand

    More discussion on reddit - reddit.com/r/Bitcoin/comments/1jigoa/bitcoin_is_not_illegal_in_thailand_btc_global/

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