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Bitcoin was not ruled illegal. The Bank of Thailand has no legal power. A few senior members of the bank saying something is illegal does not make it illegal. T
by mrb 13y ago
Bitcoin was not ruled illegal. The Bank of Thailand has no legal power. A few senior members of the bank saying something is illegal does not make it illegal. The Foreign Exchange Administration and Policy Department are merely departments of the bank, not branches of the legislative government.
In other words the title "Bitcoin ruled illegal in Thailand" should be changed to "Bank of Thailand wishes Bitcoin to be illegal", or "Trading suspended due to Bank of Thailand advisement" which is the original title.
- dobbsbob 13y agoIndeed.. upon closer inspection all that happened is this guy approached the Bank of Thailand and (foolishly) deferred to their authority to ask if he could trade coins using their bank. This always results in bankers telling you no, and no surprise they said no, but doesn't mean you can't use cash on the streets, just so long as no banks are used. Thai parliament hasn't passed any laws declaring virtual currencies illegal.
- nikster 13y agoWhy would you even go to the BoT? The only reason I can think of is so that they say no, and you get some free publicity?
- nikster 13y ago[I live in Thailand] Thanks I was just about to write that. This story smells. If you go up to some officials in Thailand and ask them whether or not something is legal, they'll say it's illegal. No laws have been passed that would make BTC illegal, and nobody has been charged with BTC related activity. So I'd say at this point, it's perfectly legal. Might be just a stunt to get attention?! Viral marketing?