First country to ban Bitcoin - central bank rules not a currency

[DWB]

... Thailand.

Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency.

http://www.telegraph.co.uk/finance/c...-Thailand.html

[- Jesus Christ -]

Originally Posted by DWB

Thailand has become the first country to ban bitcoins

False. A few banks owners CLAIMED it's illegal.

No government took any action.

[Captain Kawaii]

Originally Posted by - Jesus Christ -

False. A few banks owners CLAIMED it's illegal.

No government took any action.

That is incorrect.

"However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand".

DWB in for the win.

[HomerSimpson]

it simply can't be blocked...

[- Jesus Christ -]

Originally Posted by Captain Kawaii

That is incorrect.

"However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand".

DWB in for the win.

"Since there are no laws, it must be illegal!"
That is not government action genius.

[AdultKing]

Originally Posted by - Jesus Christ -

False. A few banks owners CLAIMED it's illegal.

No government took any action.

You're pretty stupid aren't you ?

It wasn't bank owners claiming it was illegal, it is a finding by one of the financial statutory authorities of the Kingdom.

[- Jesus Christ -]

Originally Posted by AdultKing

It wasn't bank owners claiming it was illegal, it is a finding by one of the financial statutory authorities of the Kingdom.

That's not "banning bitcoin". That's saying that all financial instruments they don't specifically allow are illegal. Bitcoin was "banned" before it existed according to this interpretation of the law.

As we all know... you like to fight un-winnable battles so I doubt this will sink in.

[DWB]

Originally Posted by - Jesus Christ -

That's not "banning bitcoin".

"Bitcoins banned in Thailand"

"Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency."

"The ruling means it is illegal to buy and sell Bitcoins, buy or sell any goods or services in exchange for Bitcoins, send any Bitcoins to anyone outside of Thailand, or receive Bitcoins from anyone outside the country."


I can see how someone could get the idea that Bitcoin is not banned there. They are not very clear about it.

[AdultKing]

Originally Posted by - Jesus Christ -

That's not "banning bitcoin". That's saying that all financial instruments they don't specifically allow are illegal. Bitcoin was "banned" before it existed according to this interpretation of the law.

Do you have any idea about how Thai government operates ? Do you even know what a statutory authority is ?

In simple language Bitcoin is banned in Thailand. There is a very good piece today in the Financial Review (www.afr.com.au) about why.

So you will understand, the Foreign Exchange Administration and Policy Department which is a statutory authority has made a ruling that Bitcoin is unlawful to use within Thailand. This ruling is as good as law because as a statutory authority the department has the lawful authority to make such rulings and such rulings are binding within the jurisdiction of Thailand.

[- Jesus Christ -]

If the ruling was based on EXISTING LAW. It was already illegal to use bitcoin.
My first post was not accurate, but bitcoin was not just banned.

[AdultKing]

Originally Posted by - Jesus Christ -

If the ruling was based on EXISTING LAW. It was already illegal to use bitcoin.
My first post was not accurate, but bitcoin was not just banned.

No that's not correct.

The statutory authority, the Foreign Exchange Administration and Policy Department has the legal standing to make rulings, once a ruling is made it has the same effect as law because it is the law that rulings of the Foreign Exchange Administration and Policy Department must be adhered to within Thailand.

It's the same as in Australia with the tax office. If anything is unclear you can ask the ATO to make a ruling, once the ruling is made it becomes binding as if it were law.

In any case, if you're in any doubt go to Thailand and test the law, DWB and I will come see you in Klong Prem

[- Jesus Christ -]

People who oppose finical freedom and use violence against others deserve to die.
There's all you need to know about how I see the topic.

I'm done playing semantic games. Thanks for the opportunity to vent some aggression.

[dyna mo]

thailand is well on its way to becoming a police state.

i'd move to a freer country, or pay the local whoever a couple a baht thingies to look away.

as a world leader on monetary policy, i'm sure thailand's first move on this will be echoed by countries worldwide waiting to see how thailand would rule on btc.

it's too bad, as porners, i figured we'd all like to see something like bitcoin keep breaking down barriers.


instead, peeps are clamoring to be the first to point out the struggles/failures it has against the current system.

[Socks]

Semantics.. Let's argue about them!

[lagcam]

I am sure it will be as successful as their ban on prostitution and counterfeit goods production.

[brassmonkey]

its e currency just like paypal

[Best-In-BC]

Death To Bitcoin !

[Best-In-BC]

Originally Posted by brassmonkey

its e currency just like paypal

Off the mark by a few thousand miles .

[adultmobile]

Originally Posted by lagcam

I am sure it will be as successful as their ban on prostitution and counterfeit goods production.

Yes, but they will arrest some kid using bitcoin and showcase it in TV news to amase the world how cool the thai cops are

[DWB]

Originally Posted by dyna mo

thailand is well on its way to becoming a police state.

In terms of everyday life, no. You can still do anything you want within reason. But for censorship and internet freedom, without a doubt they are getting WAY out of control. When it comes to the net and censorship, they are hot on China's tail. All of it of course stems from their ungodly fear that someone will speak poorly of the Monarchy. At least that is what they are wrapping it around currently.

At the rate and direction they are moving, I can't imagine myself spending too many more years here. It was good while she lasted.

[DWB]

Originally Posted by lagcam

I am sure it will be as successful as their ban on prostitution and counterfeit goods production.

Yea, I don't see any way they could enforce this even if they wanted to. Smart Thais are hip to using a VPN and will work around whatever ban or block they create, just as they have created their own online porn market with pirated western and Japanese porn.

And for reference, Dildos are also illegal. heh

[TheSquealer]

Originally Posted by - Jesus Christ -

People who oppose finical freedom and use violence against others deserve to die.

Kind of disturbing when a mentally disturbed person thinks the solution to violence and increased freedom is murder.

[_Richard_]