Is Bitcoin’s Loss Swiftcoin’s Gain?

Posted on Friday, 9th August 2013 @ 08:34 AM by Text Size A | A | A

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BNAK Corporation, the company behind Swiftcoin, has completed signing a contract with First National Innovation Brokers (FNIB) that will see the Forex Company that used to accept Bitcoin in Thailand as a trading account financing option replace most of its Bitcoin with Swiftcoin.

“We will not completely phase out the Bitcoin system but we have advised most of our Thai clients to consider using the Swiftcoin system since it has better security features.” Said First National Innovation Brokers Public Relations Manager Gregory Alexander at a news conference. “The users will also be able to communicate with our support team during the transition period by sending secure, encrypted messages through their Swiftcoin wallets at no charge.”

Earlier on, a Bitcoin exchange in Thailand suspended its services because, it claimed, it had been informed by the country’s central bank that the crypto-currency is illegal. However, something about this now widely spread-around story just doesn’t sound right. Why would a First National Innovation Brokers (FNIB) replace one crypto-currency with another?

It may well be that the Bank of Thailand doesn’t understand Bitcoin yet, or is even outright hostile towards it, but that almost certainly doesn’t mean Thailand has banned all crypto-currencies. It’s far more likely that this is a case of officials erring on the side of caution and/or not being convinced by whatever Bitcoin Co. Ltd. had to say in its license application. At most, this reflects a prohibition on one company running a Bitcoin business — rather than a full-blown crypto-currency ban.


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