Bitcoin ban means one less option for bribing Thai officials

Zach Honig
Z. Honig|07.30.13

Sponsored Links

Zach Honig
July 30th, 2013
In this article: ban, bitcoin, currency, thailand
Bitcoin ban means one less option for bribing Thai officials

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.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Popular on Engadget