recommended reading

Thailand’s Bitcoin Ban Is Not Quite What it Seems

It was big news this week when a Bangkok startup announced that Thailand had outlawed Bitcoin, making it the first country in the world to issue a blanket ban on the digital currency. But the reality turns out to be more complicated.

In its statement, Bitcoin Co Ltd said it had tried to register its business with Thailand’s many government agencies, and when it reached out to the Thai central bank, it was told that buying and selling bitcoins, using bitcoins to buy or sell goods and services, and transferring bitcoins in and out of Thailand were all currently illegal.

However, the central bank did not ban Bitcoin outright. Instead it issued a preliminary ruling that using bitcoins as described was illegal because of a lack of existing laws that dealt with the relatively new realm of anonymous, cryptographically protected digital currencies. Moreover, the Bank of Thailand is withholding final judgement on Bitcoin while it looks into the matter further, much like many other countries.

Crucially, the Bank of Thailand does not have the constitutional ability to outlaw anything. But it is entrusted to administer foreign exchange, and the possibility of Bitcoin affecting Thailand’s foreign exchange rate and capital controls that has the central bank especially wary.

Read more at Quartz

Threatwatch Alert

Thousands of cyber attacks occur each day

See the latest threats

JOIN THE DISCUSSION

Close [ x ] More from Nextgov
 
 

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • It’s Time for the Federal Government to Embrace Wireless and Mobility

    The United States has turned a corner on the adoption of mobile phones, tablets and other smart devices, outpacing traditional desktop and laptop sales by a wide margin. This issue brief discusses the state of wireless and mobility in federal government and outlines why now is the time to embrace these technologies in government.

    View
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    View
  • A New Security Architecture for Federal Networks

    Federal government networks are under constant attack, and the number of those attacks is increasing. This issue brief discusses today's threats and a new model for the future.

    View
  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    View
  • Software-Defined Networking

    So many demands are being placed on federal information technology networks, which must handle vast amounts of data, accommodate voice and video, and cope with a multitude of highly connected devices while keeping government information secure from cyber threats. This issue brief discusses the state of SDN in the federal government and the path forward.

    View
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    View

When you download a report, your information may be shared with the underwriters of that document.