The Security and Exchange Commission of Thailand has announced that it will implement a ban on cryptocurrencies as a payment method from April 1, 2022.
The regulatory body stated that cryptocurrencies can affect the stability of the financial system, posing risks to the country's economy.
Other risks highlighted by the Commission include loss of value due to price volatility, cyber theft and leakage of personal data. The regulator added that cryptocurrencies like Bitcoin can be used as a money laundering tool.
Although the Security and Exchange Commission of Thailand is banning cryptocurrency payments, the decision is not the same for other uses. Those who use cryptocurrencies for investment purposes will not see changes in any aspect.