Thailand: World’s First Bitcoin Ban
August 6th, 2013
A team of Bitcoin regulation beggars went to Thailand and spent weeks seeking legitimacy from the Thai government. In response Thailand’s Foreign Exchange Administration and Policy Department banned the digital currency “due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets.”
Let me translate. That’s Statespeech for “That sounds complicated. I’m confused. Let’s make it illegal so I don’t have to think.”
People are reporting this as a major stumbling block for broad acceptance of Bitcoin. I say, so what? Somehow I seriously doubt Bitcoin enthusiasts all over Thailand shut their digital wallets and deleted their Bitcoin. In fact, if I had to guess I’d say they probably carried on business as usual and the ban hasn’t impacted them at all.
Here’s the important line from the Huffington Post story, “Furthermore, the actual enforcement of the ban seems virtually impossible.”
Although Bitcoin Co. Ltd. has dutifully suspended all operations in Thailand until further notice.
Here’s what I think is going on. Thailand is bitter that Bitcoin has ripped off the Thai currency symbol, the Baht.
Further, it won’t be long before the Bitcoin economy is larger than the Baht economy anyway. So forgive me if this doesn’t look like a stumbling block at all. It looks like the twitching of a dying legacy currency. Move over Thai Baht, Bitcoin does what it pleases.
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