Hot! Thailand Allegedly Declare Bitcoin Illegal

Bitcoin Allegedly Declared Illegal In Thailand

Flickr photo credit: jurvetson

Yesterday, the Bank of Thailand allegedly declared virtual currency bitcoin to be illegal, causing one Thai bitcoin exchange company, Bitcoin Company Limited to promptly suspend trading and release this statement on their website.

If this is the case, then it means it is now 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, however others are not so sure, arguing that poor reporting and interpretation were behind the story, and that the Bank of Thailand had no real power to make such an order.

This is not the first problem that the virtual currency has run into. In May, the U.S. arrested one of the country’s largest bitcoin traders, arguing the monetary exchange service falsified financial documents.

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