Bitcoin Exchange, Cease Trading in Thailand

By in

bitcoin Bitcoin is a digital currency used to pay for a variety of goods and services. In many ways, it works the same as paper money with some key differences. Although phusical forms of Bitcoin exist, the currency’s primary form is data so you trade it online, peer to peer, using wallet software or an online service. You can obtain Bitcoin’s either by trading other money, goods, or services with people who have them or through mining. Officials in Thailand have declared a bitcoin exchange illegal and have ceased its operations. The Thai government has declared illegal all physical movement of the coin and its operations. Even though its wide acceptance by the public and its growing publicity – the move came after Bitcoin had applied to the Bank of Thailand for a money exchange license, as a step to ensure it operated lawfully in the country. The advantages of such currencies are anonymity. Due to the nature of exchange of the product without the knowledge of who is who behind the movement, the US government has now announced that it will review the currency as fears of money laundering has risen. It is expected the currency to either be regulated or banned in most open economies.