Thailand’s Bitcoin exchange back in business after six-month hiatus

Thailand’s Bitcoin Exchange Back in Business after Six-Month Hiatus

Thailand’s Bitcoin exchange back in business after six-month hiatus

Bank of Thailand has greenlit the country’s top Bitcoin exchange

In August 2013, the Bank of Thailand stated that it did not recognise Bitcoin as a currency in Thailand. Following that, all transactions by Bitcoin.co.th were subsequently suspended and Bitcoin trading came to a halt in the region, much to the dismay of Bitcoin users in the country.

Things took a turn for the better earlier this year when in January, Bitcoin Co. Ltd released a letter from the Bank of Thailand stating that as long as foreign currencies are not included in the exchange (all transactions have to be converted to/from Thai baht), Bitcoin exchange operations do not fall under the scope of regulation by the Ministry of Finance. Therefore, the exchange could operate without the ministry’s license restrictions.

Bitcoin.co.th resumed all Bitcoin transactions and trading starting 15 February this year. There is, however, no guarantee that the Ministry of Finance will not revise their current regulations.

Read the original article at TechinAsia.com, one of the Supporting Media Partners of e-Commerce Show Asia 2014.

[Image: Antanacoins - Flickr]

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