Bitcoin Cash, Ethereum Classic and Litecoin Now Banned in Thailand
Bitcoin Global News (BGN)
March 01, 2019 -- ADVFN Crypto NewsWire -- The Thai equivalent
of the SEC has reportedly decided that three well-known
cryptocurrencies should not be used by Thai citizens for investing
in ICOs. The reason that this news just might take a large part of
the crypto community by storm is because it involves Bitcoin Cash,
Ethereum Classic, and Litecoin.
Before you go out and liquidate any
of your existing holdings in these currencies, however, it is
important to keep two facts in mind. First, this ruling does not
apply to anyone but Thai citizens. Second, there seems to be a
simple reason why this decision was made.
After an analysis of CoinDesk’s
article on the subject, it truly appears as if their lack of usage
in certain contexts is to blame. According to a quote from the Thai
SEC, these cryptocurrencies are not currently being used as trading
pairs or investment vehicles in Thailand. Therefore, if we take
this idea at face value, these cryptos have not really been banned,
but discontinued from being used.
Beyond this, little else is clear
on this subject at this time. All three of these cryptocurrencies
had been approved by the Thai SEC in the past for usage in ICOs.
Therefore, it stands to reason that if these coins were never
really used for this purpose, then there would be no need for them
to be approved for it.
Unfortunately, however, even this
is largely speculation since direct confirmation has not been given
for any of these points. As this news develops, it would be
advisable to keep an eye on the Thai SEC website here, though based
on their announcement, it is possible that no more developments
will come to light.
By: BGN Editorial Staff