According to the official circular, Bank of Thailand (BoT) asked the banks to ban transactions involving credit cards to buy cryptocurrencies. This rules will be implemented until new regulations are being formed.
Thailand’s Finance Minister stated that the government will not ban cryptocurrency trading. Within a month a regulatory framework will be released. BoT cannot regulate cryptocurrencies as it does not recognize such currencies as a legal tender. According to Finance Minister, the securities watchdog Thai Securities and Exchange Commission is the appropriate authority to oversee cryptocurrencies in Thailand.
However, there is no ban, the Finance Minister’s words mean that banks won’t be allowed to trade, but they would integrate the blockchain technology soon.
Such measures are not new. The US and the UK also restricted the use of credit cards for the purchase of cryptocurrencies. Governments all over the world are taking measures to prevent the people from losing money.