Thailand’s financial regulator, the Securities and Exchange Commission (SEC) announced that it is planning on banning the use of cryptos for the purchase of goods and services from April 1st.
This decision was made after consultations between SEC and the Bank of Thailand (BOT) on the necessity to regulate payments of that sort because they would have a negative impact on the country’s financial stability and economy.
“Crypto payments may affect the stability of the financial system and overall economic system, including risks to people and businesses,” stated the financial regulatorofficially.
Their other main concern is, understandably, money laundering and various other cyber crimes.
This is poor news for the local crypto industry, but countries change their mind about it all the time, it's possible it won't last long.