http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html They much prefer to launder their money the old fashioned way out here :lol: I think this could be the first of many, however such a ban would seem to be unenforceable on the individual scale. Of course no big businesses operating in the country could actively use bitcoin, but they have no means of stopping individual users... especially when they still cant get everyone to wear a helmet whilst riding a motorbike...
From the article: I find it fascinating that a central bank can "rule" on matters as if it is the judge and/or jury in a court of law. In a more perfect world alarm bells would be ringing and action would be taken so that no bank could ever wield such power. Of course a central bank with a monopoly over a nations currency isn't going to want to undermine its own power and recognize any competing currency without being forced to by either a severe economic crisis or government legislation... *laughs cynically*
Bitcoin can't speak, Lol. Bitcoin can't 'bid to operate', Lol. Bitcoin is a currency. It is not run by any particular group of humans or website. It is not an exchange like MtGox either. Bitcoin does not rely on America or any other country being above sea level. You can't have meeting with Bitcoin. You can be ignorant as to what Bitcoin simply is. (this thread will prove the ignorance)
It would seem that who the article refers to as 'bitcoin', is really a thai based exchange who was seeking permission to operate. They made a very poor choice of words imo. By the level of English in the press release, I would wager money that one or more foreigners are involved, which probably didn't help their case. (Website of the exchange with the announcement: https://bitcoin.co.th/trading-suspended-due-to-bank-of-thailand-advisement/) However the ban does seem to be all encompassing, rather than just disallowing exchanges: So these idiots are making it illegal for anyone in the country to transact in bitcoins.... I always learnt to never to give an order or make a rule that cant be enforced, as it just makes you look like an idiot and that is exactly what they have done here. The amount of time and effort it would take to actively enforce such a rule makes such a law pointless in Thailand.
It might not be enforceable, but as if a central bank is going to just roll over and say "yeah, its all good, you don't have to use our monopoly money".
The thing is there is no signs of bitcoin even being popular over here. They have probably done more to publicise its use by banning it than anything else. A lot of people here dont even own a computer (still lots of net cafes) or are computer illiterate. The economy is largely cash based, with a lot of people dealing solely in cash. So I doubt they would have been afraid of bitcoin taking over the country any time soon...
I think you are interpreting it a little too favorably. Due to the lack of laws, they have said that the list of activities shown is illegal and will continue to be until they change some laws/make new ones. There is nothing to indicate that this ruling is specific to the exchange, rather the wording indicates a blanket ruling for all of Thailand until they decide to review the laws. Specifically 'the following Bitcoin activities are illegal in Thailand' suggests that it is not just the exchange, otherwise it would have been worded so that 'Company X is forbidden to do the following activities in the kingdom of Thailand'. So what this does mean is that according to the laws as they stand, bitcoin has always been 'illegal' in Thailand, its just no one has tested it yet.
Wonder if I can smuggle my Bitcoins into Thailand to sell for more than in the Australian market? Actually, I'd probably just end up in Kerobokan :lol:
One thing that would work well here is a mining operation. You can rent an apartment for ~120bucks a month and the electricity is dirt cheap compared to Aus. Edit: I just checked and looks like the electricity tariff is around 5b/kWh, which equates to about 0.17AUD. I am not sure how that measure up tbh. Edit2: Looks like in QLD its just under .30/kWh, so its just less than double.
Some places in America are paying something like USD$0.10/kWh! That's why a lot of the bigger operations are still there I think.
Look don't blame me I am just reading between the lines. A government department very clearly stated - 'the following Bitcoin activities are illegal in Thailand'. So until there is a successful case that rules against their interpretation, or there are new laws, it should be assumed that the listed activities are illegal.
No, it technically being illegal wont stop people at all. That doesn't stop it technically being illegal. Furthermore it isn't my interpretation, it is a Thai government departments interpretation of their existing laws. The interpretation includes a list of Bitcoin related activities that are considered illegal under the current laws, which do not allow for things such as Bitcoin. Your interpretation is flawed and now you are just arguing for the sake of it. Go troll elsewhere. (I think I saw a grammar mistake somewhere on the forum, you better get going and sort it out)
I am not a lawyer trained in the intricacies of Thai law. If you want advice I can recommend one though (they are much cheaper than Australian lawyers). You are just clutching at straws. A government department does not say 'The following activities are illegal' without some basis in law. If you have a problem with what they have released, I can also recommend someone who can translate your letter of complaint into Thai for a modest fee. The bottom line is they have said that those activities are, under the (unsuitable) existing laws, illegal. The only way to find out what they would charge someone with is to conduct one of the mentioned illegal activities and be caught for it (you would have to be really unlucky for that to happen though!). Are you game to test it out?
Both points are valid - you have a government department making an assertion that activities are illegal, while not specifying any specific laws that would be broken. Could simply be the way the Thai legal system works - activities can be declared illegal by an appropriate body with the authority to do so - kind of like how a "private ruling" from the ATO is binding for defining taxation matters. Maybe they have a catch-all authorisation law that allows the "policy department" to set policy. Break the policy and you've violated some overarching law. No need for people to get defensive about it. The heart of the matter is that Thailand is attempting to limit Bitcoin usage within their jurisdiction.
I *think* that's India. I just know I have never had trouble bringing gold in and out (not that it has been massive amounts anyway).
Thanks, I knew there was something there but never knew the exact wording. Myself and everyone I know just moves coins rather than bars, it seems they don't mind coins for some reason (even had to show them after X-Rays etc). It is probably to do with the whole face value thing which means according to their guidelines isn't 'bullion'. Having done the rounds asking a lot of the Yank expats (its surprising how many of them love holding onto eagles, maples and krugs) it seems that doing this is quite common. It is much easier to buy gold in country anyway, but its such a pity that they really don't do 99.99 gold... all you can get is 23kt bars with local maker marks which aren't that useful outside of the country One tip that I am sure anyone who moves about with metals on a regular basis knows, it pays to have receipts for all items you are carrying as well.
"They made a very poor choice of words" Look at your own thread title for God's sake - "The First Country To Outlaw Bitcoins" - You are in zero position to accuse others of poor word choice. :lol:
The title of this thread is a paraphrase of the subheading of the news article. Unfortunately, I wasn't aware that it was just an exchange that had spoken to the Thai authorities at the time I made the thread - you can only discover this by clicking through to another webpage. I apologise for any inconvenience that was caused to you by clicking on this thread. On the other hand, the writer of the article would have been fully aware when using the generic term 'bitcoin' instead of the name of the exchange. Furthermore, as we discuss in this thread, the wording of the ruling by the Thai department indicates that it could very well be applicable to bitcoins in general - not just the exchange site in question. The net result of this is bitcoins are at the very least in a 'grey area' in Thailand until new laws are passed and at the worst illegal to trade in until new laws are passed. On a closing note, I don't appreciate the tone of your post. Just because you are writing under a pseudonym on the internet does not automatically mean you need to become rude and negative.
