In February 2014, the Bank of Thailand claimed that Bitcoin is legal tender and allowed Bitcoin.co.th exchange site to resume operations after it had initially been forced to shut down in August 2013 because the financial institution had ruled that the using and trading of crypto-currencies had been illegal.
The exchange has been offered a letter from the Bank of Thailand informing that Bitcoin-based exchange operations do not fall under the scope of Finance Ministry regulations, unless foreign currencies are also offered for exchange. Bitcoin.co.th only offers Bitcoin trading for baht and operates solely within Thailand.
The Bank of Thailand arguments its wavering decisions in relation to the crypto-currency’s status as a legal tender by pointing to the Mt Gox incident. Moreover, Bank of Thailand has made it clear that, in case of theft, loss of value or fraud, Thai people cannot claim damages because there’s no law to regulate Bitcoin in Thailand.
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