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The Asian country banning bitcoin and crypto
Cryptocurrency payments will be banned in Thailand starting next month
Thailand’s SEC said price volatility, lack of customer safeguards, money laundering and cyber theft risks has forced a ban on crypto.
While consumers will no longer be allowed to use cryptocurrencies to pay for goods and services from April 1, businesses have 30 days from the date to phase out crypto payments.
Under the ban, crypto businesses won’t be allowed to promote or advertise crypto payments.
The cryptocurrency industry has recently taken a positive stance towards the Southeast Asian nation after the SEC backtracked its plans for a 15% tax on crypto assets.
This follows Thailand’s ban on trading memecoins, NFT’s, and social tokens.