Thailand's Top Bitcoin Exchange Gets Green Light to Resume Operation
After a six-month hiatus, Bitcoin.co.th has resumed operation after getting the go-ahead from the Bank of Thailand. Back in August of 2013, the national bank ruled that Bitcoin was an illegal, non-currency. And Thailand’s largest online Bitcoin exchange was pressured to halt business. However, the bank has now softened on their position as reported in Tech in Asia.
The Bank of Thailand is not a court with the power to rule on questions of legality, so all they actually did last summer was officially disapprove of the use of Bitcoin as a form of currency within the Kingdom of Thailand. This effectively halted the trading of Bitcoins inside the country. Faced with the forced shutdown of their online business, the Bitcoin exchange was prompted to petition the Bank of Thailand to reconsider the matter.
After spending many months deliberating over the issue, the Bank of Thailand ruled that Bitcoins could be traded within the country so long as they are only converted to Thai Baht and no other currency. In this way, the exchange can avoid falling under the authority of the Ministry of Finance, which deals in the exchange of foreign currencies.
Once they had received the approval to resume operations, Bitcoin.co.th started exchanging Bitcoins again on February 15.