Bitcoin ban means one less option for bribing Thai officials

Posted on Wednesday, 31st July 2013 @ 09:12 AM by Text Size A | A | A

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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.

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