Thailand bans use of crypto for payments

Thailand's Securities and Exchange Commission (SEC) announced on Wednesday a ban on using cryptocurrencies and other digital assets as a means of making payments. Trade in the digital currencies will continue to be permitted, but as assets only. The ban goes into effect on April 1, but digital assets payment operators will be …

[Pascal Monett]

"due to the cryptocurrency's current price fluctuations"

Current ?

I don't know if you're aware, but BitCoin's price has never stopped fluctuating (wildly).

It's only because it is the funny money granddaddy that it has attained such heights. As usual, the first into the pyramid scheme reapes the most rewards.

Adopting BitCoin as legal tender. I don't think that will last all that long. Then again, it's El Salvador, so they can go ruin what's left of their economy, it won't be a big problem on the world scale.

It will be a problem for the poor in El Salvador, though.

[tony72]

Re: "due to the cryptocurrency's current price fluctuations"

80% of US dollars currently in existence were printed in the last 22 months. The US government has also taken on so much debt that it literally can't afford to have interest rates rise high enough to effectively fight the inflation that the money printing is causing, because the cost of servicing their debt would be unsustainable. I don't have figures for the UK, but a cursory glance at the money supply charts says we're probably in similar shape. Best case outcome is "stagflation" - high inflation and no growth. Worst case outcome is hyperinflation.

And you want to call bitcoin "funny money". Lol.

[Snake]

Re: new money!

"80% of US dollars currently in existence were printed in the last 22 months."

This claimed 'fact' does not prove anything substantial. Both paper bills and coinage are created to replace worn out currency; that "80% of US dollars currently in existence were printed in the last 22 months" could simply be written down to the currently quite-active economy's money exchanges trading hands so often, that they keep wearing all the bills out!

Or, conversely, every person now leaves their money in their pants pockets during the wash, with similar results :)

[Frank Bitterlich]

Re: "due to the cryptocurrency's current price fluctuations"

"80% of US dollars currently in existence were printed in the last 22 months.[...]" ^{[citation needed]}

[DS999]

Re: "due to the cryptocurrency's current price fluctuations"

How long are you idiots going to keep claiming that hyperinflation is around the corner until you understand that's not going to happen to the dollar? Why didn't it happen in 2008 when people like you said it would? Heck, there was DEFLATION that time around, it is literally impossible to be more than that! What's different this time? You lot claim the sky is falling about every decade like clockwork, and are always wrong.

The current inflation has nothing to do with "money printing", the pandemic threw the world economy and supply chains for a loop in so many ways it is impossible to list them all. Putin's war is the cherry on top.

If it is money printing in the US or UK that's the cause in your addled brain, why is the entire world seeing inflation, including places that don't use the dollar or the pound?

[Anonymous Coward]

More likely

They banned it because they finally realized the blockchain means all transactions are public, tracable and forever. Not the best currancy to accept bribes in.

[VoiceOfTruth]

IMF and World Bank

-> International Monetary Fund (IMF), while the World Bank

Also known as tools of American foreign policy.

[joed]

and good ridance

hopefully others will follow. Now, how do we put all this hot air and CO2 wasted in the process of reinventing the wheel.