Thailand Government Declares Bitcoin Illegal

Posted by timothy on Tuesday July 30, 2013 @12:44AM from the money-with-government-that's-unheard-of dept.

hypnosec writes that the government of Thailand "has declared Bitcoin illegal following which all trading activities related to the electronic currently have been suspended indefinitely. Through a message posted on its website, the Bitcoin Co. Ltd. has said officials of the Foreign Exchange Administration and Policy Department cited absence of applicable laws, capital controls "and the fact that Bitcoin straddles multiple financial facets" as reasons because of which the virtual currency is illegal. This ruling implies that activities such as buying & selling of Bitcoins, buying or selling any service in exchange of Bitcoins, sending Bitcoins to anyone located outside of Thailand, and receiving Bitcoins from anyone outside of Thailand are illegal. This has forced the company to indefinitely suspend operations."

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Comment removed by account_deleted · 2013-07-30 00:49 · Score: 5, Funny

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Re: This has forced the company to indefinitely su by Anonymous Coward · 2013-07-30 01:27 · Score: 3, Funny

You might say that bitcoin operations are "thai'd up" at the moment.
Re: This has forced the company to indefinitely su by Anonymous Coward · 2013-07-30 01:35 · Score: 3, Funny

Thai as I might, I can't ignore that pun.
Re:Can any government really stop BitCoin? by BrokenHalo · 2013-07-30 02:11 · Score: 5, Funny

Like Tide [schneier.com].
You can't make this stuff up.
How cool is that? A currency with actual intrinsic value. Easy to launder, too.

*ducks*