Bank of Thailand Bans Banks From Cryptocurrency Activities | Crypto News

The Thai central bank has prohibited financial institutions in the nation from 5 key cryptocurrency actions, including banning customers from making an try to search out cryptocurrencies with credit playing cards.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Banks Banned From 5 Crypto Activities

The Bank of Thailand (BOT) issued a round on Monday asking “financial institutions to now not get concerned with cryptocurrency transactions for alarm of conceivable problems from the unregulated trading,” Reuters translated.

Mr. Wisit Santiprabop, the central bank’s governor, signed the round which outlines 5 key cryptocurrency actions banks are banned from:

Investing or trading in cryptocurrency, exchanging cryptocurrencies, increasing platforms for cryptocurrency trading, allowing possibilities to use credit playing cards to settle on cryptocurrencies, and from advising customers on cryptocurrency investing or trading.

Circular explaining 5 crypto actions banks are banned from.

The central bank stated that “cryptocurrencies weren’t prison subtle in Thailand,” the newsletter conveyed, including that “it became anxious that they is likely to be used in illegal actions a lot like money laundering or supporting terrorism.”

Just now not too lengthy in the past, the Thai authorities launched that this can now not ban cryptocurrencies and is increasing a regulatory framework for them.

Banks Complying

Ms. Prasanee Auiyamaphan, a Bangkok Bank Govt Assistant, became quoted by Bid TV announcing that the bank has “no policy to produce [crypto] exchange services,” emphasizing that cryptocurrencies can now not be exchanged for cash at her bank.

Mr. Thana Thienachariya, Senior Govt VP and Chief Marketing and marketing Officer at Siam Business Bank stated that its subsidiary, Digital Ventures Co. Ltd., has previously fashioned a strategic alliance with Ripple to offer a fee service between Japan and Thailand. He added that his bank will likely be discussing this area with the central bank.

Mr. Thakorn Piyapan, Head of Krungsri Client Community and an govt of Digital Banking and Innovation at Bank of Ayudhya stated, “even supposing the bank will use the transfer service all the draw by draw of the nation by draw of Ripple,” it’s miles cooperating with the BOT and “does now not present any [cryptocurrency] services at all.”

He explained that there are some areas that banks have to place a matter to before being capable of comply. To illustrate, to prevent customers from making an try to search out cryptocurrencies the usage of credit playing cards, he account for

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Original Source: Bitcoin News

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