Thailand bans Bitcoin Cash, Ethereum Classic and Litecoin to ‘protect its citizens’

Reports have been spreading across the internet and social media sites like Reddit that The Securities and Exchange Commission, of Thailand (SEC) was banning Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC). It not yet clear what this will mean in the long term for these three cryptocurrencies.

But they approve Bitcoin, Stellar, Ethereum and Ripple

In the same process of removing these three coins the Thailand SEC moves to approve Bitcoin, Stellar, Ethereum and Ripple on their government approved list. This approved list of cryptocurrencies applies to ICO investment and trading pairs used on exchanges.

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Thailand wants to protects its citizens ‘investing’ in cryptocurrencies

And according to the SEC news release they state:

“Key factors taken into consideration regarding the cryptocurrencies on the list include relevant developments and news, as well as other important factors related to cryptocurrencies”.

Exactly what this means, and how they came to the conclusion that the three cryptocurrencies are not meeting the necessary standards is not yet clear. But it seems to be part of their process of cleaning the cryptocurrency industry and protect their citizens. Earlier in 2018 the Thailand SEC released a ICO framework to help its citizens when investing into ICOs. According to the Bangkok Post

“ICO portals’ management structure and personnel must be adequate for business operations. They are also required to be prepared to evaluate ICO issuers’ business plans and the distribution structure of of digital tokens as well as perform checks to ensure that computer code, or source code, matches the disclosed information. Identifying investors’ status, identity, and risk-taking ability are also part of ICO portals’ responsibility”.

(Read Bangkok Post article here)

Cryptocurrency and cash

“The SEC has updated the list of cryptocurrencies eligible for initial coin offering (ICO) investment or value comparison as base trading pair against other digital assets traded on digital asset exchanges. As a result, the current list comprises four cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM)”.

The future is unclear for Bitcoin Cash and co but cryptocurrencies at large are not banned in Thailand. It does seem to be clear that the Thailand government wants to regulate cryptocurrencies much harder. And that they are like many other nations governments still trying to figure out the long term role cryptocurrencies can and should play in their financial systems.

If you are new to the crypto space and you’re wondering what might be some of the risks to avoid then we’ve put together this guide for you. It’s a useful read as there are bits you probably want to protect yourself from.

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Written by:

Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier

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