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No Crypto Ban in Thailand, but Banks Restricted

“It was reported in local media that banks in the Kingdom are prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges, and creating platforms for cryptocurrency trading” writes Southeast Asia Based for This week the central bank in Thailand asked financial institutions in the country not to get involved in crypto.Contrary to reports in the mainstream media Thailand has not cracked down on crypto but has taken a stance similar to South Korea and intends to regulate it to prevent use for criminal activities.The Bank of Thailand (BoT) does not want other banks or financial institutions getting involved until a regulatory framework has been put in place.Whenever a nation decides to investigate or regulate cryptocurrencies the mainstream media jumps on the FUD wagon and reports it as a clampdown.

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