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In Thailand, you won’t be able to pay with crypto as of April 1.

Thailand’s Security and Exchange Commission said on Wednesday that it will ban the use of cryptocurrencies as a means of payment as of April 1.

While countries around the world like Malaysia, El Salvador, or the Republic of Honduras are moving towards recognizing cryptocurrencies as legal tender. On the other hand, Thailand will ban the use of cryptocurrencies as a means of payment for goods and services, arguing that the wider use of digital assets threatens the financial system and the economy of Thailand country.

Business operators – including cryptocurrency exchanges – are prohibited from providing such payment services and are prohibited from operating in a manner that promotes the use of digital assets for payment of goods chemicals or services, the Securities and Exchange Commission (SEC) said in a statement Wednesday (March 23).

However, the new regulation will not affect trading or investing in digital assets, the agency said.

The Thai SEC emphasized that this is not a ban on cryptocurrency and digital asset trading, which has become more popular among locals in the past two years, but just a ban on the use of cryptocurrencies for payment.

In January, Thai authorities announced plans to regulate digital asset payments in the country.

In its latest announcement, the Thai SEC said that digital assets have failed to bring improved performance to the payments market because of instability and high transaction fees.