Bitcoin Blocked in Thailand

[MorningSong]

Ooopps! I just found this!

Virtual currency Bitcoin blocked in Thailand
Jul. 30 7:31 AM EDT

BANGKOK (AP) — A Bitcoin exchange in Thailand says it has suspended trading after officials declared the virtual currency illegal in a setback for efforts to bring it into the financial mainstream.

The company overseeing bitcoins in Thailand said on its website that the central bank informed it on Monday that it's illegal to trade bitcoins, move them in or out of the country, or use them to buy or sell goods or services.

Despite wild swings in value, the virtual currency has been inching toward broader acceptance. Atlanta-based BitPay handles bitcoin transactions for more than 4,500 companies, taking payments in bitcoins and forwarding the cash equivalent to the vendor involved.

The statement said Bitcoin Co. Ltd. had applied to the Bank of Thailand for a money exchange license as part of efforts in the past several months to ensure it was operating lawfully in the country.

The central bank had no immediate comment.

Bitcoins are created, distributed, and authenticated independently of any bank or government. The currency's cryptography makes it almost immune from counterfeiting, and its relative anonymity holds out the promise of being able to spend money across the Internet without scrutiny.

Vitalik Buterin, a writer for Bitcoin Magazine, said Bitcoin's fate in Thailand may give the electronic currency more credibility in some circles. But he was concerned it didn't bode well for Bitcoin in China.

"Thailand is not exactly a bastion of liberty," he said in an email. "This may influence it (China) to take a harsher stance on Bitcoin as well."

Calls to Bitcoin Co. were unanswered. Domain registry information shows that its website was created in June.

http://bigstory.ap.org/article/virtu...ocked-thailand

Thailand becomes the first country to reject Bitcoin
Published time: July 30, 2013 08:47

The Bank of Thailand has banned operations of the internet-only currency Bitcoin, citing a lack of existing laws and capital controls.

After a Bitcoin presentation to the Thai government aimed at explaining how the crypto currency works, as well as its benefits, the country’s authorities ruled that “…Bitcoin activities are illegal in Thailand”.

A Bitcoin team were in Thailand to allay government doubts and to get the currency legitimized in the country.

The verdict means that it’s illegal to use Bitcoins in settlements within Thailand, as well as send it to or receive it from any other country.

The decision by Thailand marked the first major stumbling block for the virtual currency towards wider acceptance. Bitcoin Co. Ltd hopes the country could change its mind at some point. “…the Bank of Thailand has said they will further consider the issue, but did not give any specific timeline,” Bitcoin said in a statement on its web site.

Introduced in 2009, the Bitcoin currency has recently seen increased pressure on all fronts. The latest blow came from the US Securities and Exchange Commission (SEC) in Texas that blamed the state’s Bitcoin operator Trendon Shavers of McKinney for defrauding its clients using a Ponzi scheme. Trendon Shavers promised its Bitcoin investors a 7% interest per week. The SEC said the Texas operator simply used money from new investors to pay out the promised fortune to those already hooked, which represents a classical Ponzi scheme.

Bitcoin has been seen by some US citizens as an alternative to conventional money, to escape currency manipulations by its government. It's a time when the traditional greenback, as well as other world currencies, have been under increased pressure due to the economic crisis.

http://rt.com/business/bitcoin-thail...-currency-783/