Thailand will ban the use of cryptocurrencies as a means of payment for goods and services, saying that the wider use of digital data threatens the country’s financial system and economy, according to Bloomberg.
Relevant entities – including exchanges – should no longer provide payment services and are prohibited from promoting the use of digital data to pay for goods or services, the country’s Capital Market Commission announced today. The new regulations do not prohibit trading or investing in cryptocurrencies, the Commission said.
The new restrictions on the use of digital currencies will take effect on April 1. The country’s businesses, however, have until the end of April to comply with the new regulations.
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