Thailand Outlaws Bitcoins

The country's central bank rejected the Internet-based currency

Bitcoin has now officially been banned from a country, as the Bank of Thailand cites existing laws and capital control against the Internet-only currency.

The Thai government was given a Bitcoin presentation aiming to explain how the currency works, and what its benefits are. The authorities don’t seem to have liked what they heard and declared all Bitcoin activities illegal in Thailand.

The decision means that no one can use Bitcoins in settlements within Thailand, send, or receive it from another country, RT reports.

This is the first decision of its kind, but Bitcoin Co. Ltd hopes the government will change its mind at some point.

They cite the Bank of Thailand officials who have said they would further consider the issue, although no timeline has been given for this.

Bitcoin was introduced in 2009 and has since become more and more popular among Internet users everywhere.

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