Bitcoin Co Ltd, which allows users to buy, sell and exchange the virtual currency, said the Bank of Thailand has ruled bitcoin activities illegal in Thailand due to the lack of existing regulations.
During the past few months Bitcoin has been in the process of registering with the various Thai government agencies in order to operate in a lawful manner.
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This means that companies dealing with Thailand cannot buy or sell BTC, exchange goods or services for BTC, export BTC out of Thailand or receive BTC into Thailand.
The bank, which had initially ruled Bitcoin was not a currency, however invited the firm back, on 29 July 2013, to participate in a conference with 15 bank officials to discuss about how Bitcoin works in general, and its business operations.
Senior officials of the Foreign Exchange Administration and Policy Department at the conference advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets, Thai officials believed that Bitcoin transactions are illegal in Thailand.
Bitcoin said it therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existence of Bitcoin.
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By GlobalData
