The Land of Smiles to Ban Crypto Payments in April

Thailand is best known for its beautiful nature, astonishing religious practices and rich yet cheap culture, but aside from that, international tourists often remember the South-East Asian country as “The Land of Smiles.” For the people in this country, a smile is much more than just a smile. They give subtle personal messages through warm mouth-curves and a welcoming aura.

Will they still be the happiest people on earth if the Security and Exchange Commission (SEC) totally bans the use of cryptocurrencies for payments?

According to Triple A, a site that connects people with cryptocurrency and blockchain, over 3.6 million Thai people, 5.2% of Thailand’s total population, currently own cryptocurrency. Ages ago, Thailand became one of the first South-East Asian countries that embraced and enacted cryptocurrency legislations. In fact, Thailand has come to adopt a more liberal and progressive stance towards cryptocurrencies, having legalized the trading of seven approved digital currencies.
However, things might have gotten a little out of way after Thailand Securities and Exchange Commission (SEC)  announced a ban on the use of cryptocurrencies for payments starting April 1, 2022. The  issued notice says businesses in the region have been advised against accepting crypto payments after discussing its implications with the Bank of Thailand (BOT). To give emphasis, both institutions concluded that using cryptocurrency as payments may affect the stability of the financial system and overall economic system including risks to people and businesses.

Many people, even non-Thais, have raised their concerns and sentiments on different social-interaction sites, making this issue trending on Twitter. Some just shrugged their shoulders to it, but most of the crypto holders in the said country argued that it was an unfair decision.

However, the SEC clarifies that the banning order will only ban cryptocurrency as a form of payments and not the entire blockchain. This only made everything more confusing to the people.

They even highlighted some of the risks they want Thai people to be warned of, including loss of value caused by price volatility, cyber theft, money laundering and personal data leakage. Unfortunately, starting the date of implementation businesses in Thailand will be barred from advertising accepting crypto payments and establishing systems, tools and wallets to facilitate crypto transactions.

Seems like The Land of Smile will closely lose the essence of “happiness” because of this news. What are your thoughts?