29 Jul '13, 9pm

Bitcoin tries to become a legal currency in Thailand, gets outlawed instead

From there, the Bank of Thailand invited the Bitcoin team to a conference to further educate them on how the currency worked and what the benefits of Bitcoin are — after which the bank's foreign exchange administration and policy department voted to shut Thailand's Bitcoin exchange down. They say it was due to a lack of existing laws and capital controls to adequately account for Bitcoin — a currency that "straddles multiple financial facets." While the government left open the possibility of Bitcoin operating in Thailand once adequate laws were in place, the team behind the Bitcoin Co. Ltd exchange didn't make it sound like too likely — the bank refused to give any timeline for when a future review might take place. We've reached out to the Bitcoin foundation for more info on this development and will update with any new information we receive.

Full article: http://www.theverge.com/2013/7/29/4569126/bitcoin-tries-t...

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