Bitcoin has followed a cracked line graph of highs and lows in its bid to become ever more popular on a global basis. However, after negotiations with representatives of the Bank of Thailand, the virtual currency is completely banned from the exotic far eastern country. The implications of this are grim indeed.
Trading of Bitcoin is suspended due to the Bank of Thailand advisement. As of this moment Bitcoin can neither be purchased, bought or exchanged in Thailand. Furthermore, these Bitcoins can’t be imported to or exported out of Thailand. Thailand is the first nation on earth to criminalize the possession or handling of Bitcoins. It is a paradox that at the very moment when the executives at Bitcoin were trying to spread its influence in Thailand, the whole process got derailed. Now it is an offence to even mention the virtual currency in the Land which gave us kickboxing, elephants and the paradisiacal beaches of Phuket.
The country’s statutes and laws have simply ruled out that Bitcoin is a legitimate and viable currency. While Bitcoin was busy trying to get a license to operate in Thailand, the Bank representatives spoke of how a dearth of laws, capital restrictions and the fact that Bitcoin straddles multiple financial facets made the deal impossible. Bitcoin has faced controversy before, but this is the first time an entire populace has rejected it. It comes as a depressing footnote to the untiring efforts made to legalize the e-currency.