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Thailand will ban all crypto payments from April 1st

 


Many may be familiar with the United States Securities and Exchange Commission (SEC), but Thailand has a similar official body. Thailand's SEC announced on Wednesday that it will ban crypto payments from April 1, making this commission a bit tougher on crypto than its American counterparts.


Ban on transactions only

The reasons the SEC wants to ban this are interesting. The regulator worries that people are laundering money via crypto, and the organization is concerned that banks will not be able to intervene sufficiently or at all. The latter is one of the reasons crypto exists, but Thailand's SEC sees it as more of a threat than a solution.


Thailand's SEC emphasized that this is not a ban on crypto itself, just a ban on using crypto for payments. The country said back in January that crypto regulation was lurking. Thailand said it will "consider feedback from affected stakeholders and the general public". The latter doesn't seem logical if you were to ask the crypto community.


Additionally, Thailand is trying to reduce the tax burden on crypto on exchanges. That was a positive development, but now with this ban it has a funny ending. However, from the time the transaction ban comes into effect, the tax will still be reduced.


Will the ban be lifted in the future?

There is an important reason why this ban on crypto payments could be removed in the future. The country is in the process of creating its own Central Bank Digital Currency (CBDC). The Central Bank of Thailand released a preliminary report detailing this strategy in April last year.


In short, a private CBDC is designed to ensure “monetary sovereignty and financial stability.” But if a country has a ban on crypto payments, what good is having your own digital currency?


The result seems logical: shutting down other crypto transactions outside of CBDCs – until the country has its own crypto. Perhaps this comes in the form of a crypto transaction monopoly. In the report, Thailand mainly mentions negative things about cryptocurrencies while seeing opportunities in stablecoins. On the one hand, that would be strange, since the country is also committed to "fair competition".

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