Future for Bitcoin in Asia seems encouraging, although mass adoption hinges on wider acceptance by people, merchants and online shop owners.
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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