Crypto market looks stable despite Thailand’s Ban on Crypto as Payment :

Thailand has issued statement to ban cryptos from being used to pay for services and goods, starting from April 2022.

The action was in line with previous discussions between the SEC and the Bank of Thailand to regulate purchase of goods and related activity using digital asset as it could impact the financial stability and economy of the country, the SEC mentioned in a statement.

Thailand’s SEC said that the ban was driven by risks to financial stability and concerns over fraudulent activities in the crypto space.

The SEC regulator added that it would continue to support the use of blockchain technologies, in line with country’s positive stance on digital assets. Thailand is one of the first countries to create a digital currency backed by its central bank.

Bitcoin didn’t dip despite the ban :

BTC and other cryptos didn’t flinch much in price till now. Most of the cryptos traded in line with the stock market and they closed low on Wednesday.

The regulation on cryptocurrency in India and Russia had greater impact on price in the past couple of months, even China had imposed ban on Crypto last year. All three countries have the potential to become home for massive crypto economies, with Russia and India home to many of the world’s top crypto owners.

Thailand was ranked 14th globally by the number of crypto users, based on a analysis by Singaporean fintech firm TripleA. Cryptocurrency is very much popular in Thailand; by number of digital asset owners as a share of the population, Thailand ranks 12th, with 5.2%, ahead of the U.K., France, and other developed economies.

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