It has been reported that on Wednesday in Thailand, a ban was issued against cryptocurrencies being used as payments alongside other digital assets which will be in effect by next month in a bid to maintain stability in financial markets.
This move by the Securities and Exchange Commission (SEC) will soon be applied to all cryptocurrencies including a major key player, bitcoin. Users and consumers will no longer be allowed to purchase goods or services with any digital currencies. A grace period will be given through the end of April for digital assets payment operators to be halted for services. However, trading of assets for investment purposes will still be allowed to continue.
According to the SEC, they have to decide to implement regulations and control the use of digital assets after discussing the important risks and benefits with the Bank of Thailand and the Central Bank. These “risks” include losses from volatility, cyber theft, and money laundering