Thailand bars use of cryptos as mode of payment

The government said that digital assets are a threat to the nation’s financial system.

Thailand is banning the use of cryptocurrencies as means to pay for goods and services, saying that digital assets are a threat to the nation’s financial system and economy.

In a statement, Thailand’s Securities and Exchange Commission order that business operators, including crypto exchanges, must not provide payment services using cryptocurrencies. Additionally, they are also barred from acting in a manner that promotes the use of digital assets to pay for goods and services. The SEC, however, said the new regulation won’t affect trading or investments in digital assets.

The restriction on the use of digital currencies will be effective on 1 April. Meanwhile, the SEC said companies will have until the end of April to comply with the new rules

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