[ExI] Bitcoins banned in Thailand

[Gordon]

The market shrugged off this news, with Bitcoin continuing its rally and exceeding $100 for the first time in a while. Currently $102


________________________________
 From: Eugen Leitl <eugen at leitl.org>
To: tt at postbiota.org; ExI chat list <extropy-chat at lists.extropy.org>; doctrinezero at googlegroups.com 
Sent: Tuesday, July 30, 2013 3:08 AM
Subject: [ExI] Bitcoins banned in Thailand
 


http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html

Bitcoins banned in Thailand

Thailand has become the first country to ban bitcoins after the central bank
ruled it is not a currency.

US authorities are examining the use of virtual currencies such as Bitcoin
amid fears that Americans are using them to evade taxes.

The ruling means it is illegal to buy and sell Bitcoins, buy or sell any
goods or services in exchange for Bitcoins, send any Bitcoins to anyone
outside of Thailand, or receive Bitcoins from anyone outside the country 

By Andrew Trotman

8:38PM BST 29 Jul 2013

In a statement on its website, Bitcoin said it had given a presentation to
the Bank of Thailand about how the currency works in a bid to operate in the
country.

However, at the end of the meeting, "senior members of the Foreign Exchange
Administration and Policy Department advised that due to lack of existing
applicable laws, capital controls and the fact that Bitcoin straddles
multiple financial facets... Bitcoin activities are illegal in Thailand".

The ruling means it is illegal to buy and sell bitcoins, buy or sell any
goods or services in exchange for bitcoins, send any bitcoins to anyone
outside of Thailand, or receive bitcoins from anyone outside the country.

Bitcoin said it "has no choice but to suspend operations until such as time
that the laws in Thailand are updated to account for the existance [sic] of
Bitcoin", adding that "the Bank of Thailand has said they will further
consider the issue, but did not give any specific timeline".

Launched in 2009 in the wake of the global financial crisis, bitcoins are
"mined" using complex computer source code. The virtual currency started as a
relatively niche method of payment, devised by an anonymous programmer, but
can now be used for anything from online gambling to pizza delivery.

Earlier this month, the Winklevoss twins - who famously sued Facebook founder
Mark Zuckerberg for $140m, filed to float their stash of bitcoins on a
conventional stock exchange.

However, in June it was reported that US authorities are examining the use of
virtual currencies such as bitcoins amid fears that Americans are using them
to evade taxes.

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