The Asian Banker

Bitcoin strikes chord with Asia’s younger, tech-savvy generation
Future for Bitcoin in Asia seems encouraging, although mass adoption hinges on wider acceptance by people, merchants and online shop owners.

Oct 04, 2013 | Magessan Raj

The Thai government’s decision to ban all Bitcoin activity domestically in July 2013, without clearly stating why, would no doubt have raised quite a few eyebrows, following the virtual currency’s explosive growth earlier this year.

According to a statement by Thailand-based Bitcoin Co., officials from the Foreign Exchange Administration and Policy Department cited a lack of “applicable laws, capital controls, and the fact that Bitcoin straddles multiple financial facets”, before forcing the company to suspend a majority of its activities.

The first country to outright declare Bitcoin activities illegal, Thailand’s declaration has barely contained the currency’s burgeoning popularity in Asia, especially so in China.


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Categories: China, Innovation, Payments, Singapore, Technology & Operations, Transaction Banking
Keywords: Bitcoin, Labcoin, Myminer,, Tencent, Alipay, Q-coin, Asia Nexgen, GoCoin, MAS
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