Bank of Thailand Asked its Banks Not to Trade Crypto

Bank of Thailand instructed national banks to prevent any kind of investment or trade involving cryptocurrency  
13 February 2018   327

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.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   91

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.