Thailand is banning the use of cryptocurrencies for payments from April 1 as the country battles money laundering and attempts maintain the stability of the country’s financial system.
Investment in cryptocurrencies and other digital financial assets will not be made illegal, said Thailand’s Securities and Exchange Commission (SEC).
However, promotion of cryptocurrency for payment and the distribution of related software will be banned, with cryptocurrency users facing suspension from exchanges if they flout the rules, said the SEC.
Exchanges and other businesses dealing in cryptocurrency will have until the end of April to fully implement the new rules.
Sethaput Suthiwartnarueput, the governor of Bank of Thailand (BOT), said in January it was looking at cryptocurrency regulation because “widespread adoption of digital assets as a means