Thailand warns business owners not to use cryptocurrency

The Thai government has warned business owners as well as all business operators not to accept cryptocurrency as a means of settling goods or services on the market, on the grounds that it could pose a threat to the national financial system and economy.

According to the Bangkok Post, all business owners, including crypto money changers, are not required to provide payments for cryptocurrencies or services, specifically prohibiting any activity that promotes the use of assets. This digital payment of goods, according to the Securities and Exchange Commission of Thailand.

The ban on the use of digital money will take effect on April 1. According to Thai law enforcement, the Thai government has banned the use of cryptocurrencies as European, British, and South Korean countries have begun to regulate and reduce the use of such currencies. Also.

In addition, the ban comes as individual investors, especially young investors, have stepped up trading on cryptocurrencies for the most part as Thailand's economy slows. Local commercial banks are wary of investing directly in cryptocurrencies as the currency fluctuates sharply and is uncertain and risky.

Under the new ban, digital property service providers are required to suspend advertising or set up kiosks to facilitate payments through digital wallets. All business owners must prohibit all their customers from using digital assets to pay for goods.

The value of digital assets held by the people is 114.5 billion baht, while the number of accounts traded in digital assets is 1.97 million.

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