Bitcoin officials spent several months trying to register with various government agencies in Thailand, and on July 29 held a conference with some government officials explaining what Bitcoin is and how it works. About 15 officials from the Bank of Thailand attended.
However, after the managing director of Bitcoin gave a presentation, the Thai officials told Bitcoin officials that “ue to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets” buying and selling Bitcoins, as well as buying any goods and services with Bitcoins, is illegal, according to a Bitcoin report of the situation on its website.
The Thai officials also said sending Bitcoins outside of Thailand is illegal.
“Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin,” the company said. “The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.”
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