The Government of Thailand is banning %Bitcoin ($BTC) and all %Cryptocurrency payments starting on April 1.
According to the Thai government, ongoing price volatility, lack of customer safeguards, money laundering, and cyber theft risks have prompted it to ban cryptocurrencies for all types of payments.
While consumers will no longer be allowed to use cryptocurrencies to pay for goods and services from April 1, businesses have 30 days from that date to phase out their current cryptocurrency payments.
Cryptocurrency businesses operating in Thailand will no longer be permitted to promote or advertise cryptocurrency payments in the Southeast Asian nation.
Thailand has already banned trading of %MemeCoins, non-fungible tokens (%NFTs), and %SocialTokens.
However, the Thai government has cancelled plans for a 15% tax on all cryptocurrency assets held in the country following a public backlash.