Thailand will ban the use of cryptocurrencies as a means of payment for goods and services, citing that the wider use of digital assets threatens the country’s financial system and economy, Bloomberg reports.
Relevant entities – including exchanges – will no longer be allowed to provide payment services and are prohibited from acting to promote the use of digital assets to pay for goods or services, the country’s Securities and Exchange Commission said today.
The new regulations do not prohibit trading or investing in cryptocurrencies, the commission clarified.
The new restrictions on the use of digital currencies will come into effect from April 1. However, businesses in the country have until the end of April to comply with the new regulations.
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