Bitcoin is not a Currency Says Bank of Thailand

Bank of Thailand seems to have a difficult time making up their minds about the Bitcoin and cryptocurrencies in general.  In August last year the BOT shut down the country’s bitcoin exchange site Bitcoin.co.th, while ruling the Bitcoin as being illegal in their country. Then in February this year they changed their mind and allowed the exchange to continue operations and exchange Bitcoins in Thailand.

Now it seems that the bank has yet again changed their mind, as they released a document today where the bank warns the people of Thailand from using Bitcoins as a payment method as it is not a real currency. The statement describes Bitcoins as:

“Bitcoin is electronic data. Thus, it’s not considered a currency and can’t be used for payments, and it’s not considered legal tender like money. With no self worth, the value of such data varies based on the needs of the market. Bitcoin changes in value very quickly and it could became something of no value if none desired it.”

BOT also asks the people to take a look at stories like Mt.Gox and see for themselves why Bitcoins are not safe to own or purchase with at all. They also made it very clear that in case you hold coins and get robbed, scammed or similar, there is no help to gain from them.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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