Apparently Thailand has become the first country to ban bitcoins after the central bank allegedly ruled it is not a currency. Accordingly, Bitcoin Company Limited, a Thai exchnage, has suspended trading in Thailand, posting this statement on their website.
This has caused much debate, with some arguing that the Bank had not said they were illegal, and vice versa.
Launched in 2009 the virtual currency started as a niche method of payment, but as popularity has grown, not least in the wake of the bank scandal in Cyprus, it can now be used for anything from online gambling to pizza delivery.
Chaninat and Leeds attorneys are Criminal Defense Lawyers specializing in Thai criminal cases involving foreigners.
However, despite this news, Bitcoin Company Limited are not the only bitcoin company based in Thailand. Bahtcoin was still trading as of 5:10 EST today, and so was Coinmill, which trades in Thai Offshore Baht.
This is however not the first issue bitcoin has come up against. In May, the US Department of Homeland Security seized a payment processing account belonging to one of the largest international Bitcoin traders at that time, claiming the monetary exchange service falsified financial documents. The American government had already made it clear that officials were watching Bitcoin, due to a lack of regulatory control.
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