Thailand Begins Crackdown on Cryptocurrencies

3 min readJun 17, 2021
Thailand’s central bank has ordered all banks and other financial institutions to cease all dealings with digital currencies, citing concerns over uncontrolled trading.

Thailand’s central bank has ordered all banks and other financial institutions to cease all dealings with digital currencies, citing concerns over uncontrolled trading. According to the regulator, banks are no longer allowed to invest in cryptocurrencies, sell them, conduct exchange transactions, or create trading platforms.

Thai banks are also barred from granting loans to purchase digital currency or advise clients to invest in cryptocurrency. According to the central bank, virtual currencies are not legal cash in Thailand, and they can be used for money laundering and terrorism financing. Finance Minister Apisak Tantivorawong, on the other hand, stated that regulators could not prevent the use of cryptocurrencies in Thailand.

“The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month,” the Finance Minister said, as quoted by the Bangkok Post.

“After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and appropriately control them,” he added.

Influence of Cryptocurrency on the World Economy

Cryptocurrencies have an impact on humanity’s economic, political, cultural, and social lives. Digital money will not be a replacement for real money, but it may serve as a catalyst for creating a new currency system. There is currently a possibility of unscrupulous individuals surfacing on the market due to the lack of rules and warranties to protect bitcoin customers, which is one of the reasons to push some nations into having a crackdown on some coins with strict laws, regulations, and bans.

Meme Coins, NFTs, and Exchange Tokens as Part of Thailand Crypto Ban

Thailand is the most recent country to enforce cryptocurrency trading restrictions. The Securities and Exchange Commission (SEC) of the Southeast Asian nation has banned meme currency like Dogecoin. A couple of days back now, exchanges were given 30 days to delist the coins and NFTs, utility tokens, and social tokens.

According to the Thai SEC, the new laws are intended to safeguard traders from tokens that have “no apparent objective or substance” and whose prices are influenced by social media trends and influencers. Dogecoin, in particular, has seen its online popularity explode as a result of Elon Musk’s remarks (including during his stint hosting SNL). The price of the so-called meme coin has changed recently due to crypto volatility fueled by Chinese sanctions and impending limitations in India.

These regulations are indeed suitable for running the economy the way it should be run. These wouldn’t mean the death of the cryptocurrency market in Thailand, nations with such measures, and those looking to implement some. In the time of all this, you can trade with us, risk-free, on the Blockchain-based fantasy platform, Fanspel, to earn amazing rewards.

Final Thoughts

In general, the bitcoin economy is booming, with new businesses and infrastructure projects springing up all the time. The fact that legal institutions and software development companies are attempting to examine the influence of bitcoin and other digital currencies on the economy’s development is a good indicator.

This demonstrates that cryptocurrencies are a complicated notion, with the relationship that arises from their use being understood in a variety of ways, and no regulator has yet reached an agreement on the subject.

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