30 Jul '13, 10am

Bitcoin banned in Thailand

Virtual currency bitcoin has been banned in Thailand, according to a prominent bitcoin exchange that operates in the Southeast Asian country. According to Bitcoin Co. Ltd, a Bangkok-based website that trades the digital currency, the firm had been in the process of registering with governmental agencies but the application was turned down and the currency has now been made illegal. Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining. (Read More : Beware of Bitcoin related Ponzi schemes, says SEC ) Thailand's central bank initially bypassed the Bitcoin Co. Ltd's money exchange license on the basis that bitcoin was not a currency, the exchange said. It was given the opportunit...

Full article: http://www.cnbc.com/id/100923551

Tweets

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thenextweb.com 30 Jul '13, 7pm

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