Illustrative image (Source: coinidol.com)

Bangkok (VNA) – The Bank of Thailand (BOT) has asked domestic financial institutions to refrain from doing any business involving cryptocurrencies in fear of trading in an unregulated market.

Accordingly, Thailand’s banks are not allowed to do cryptocurrency investing and trading, as well as participating in or creating cryptocurrency exchanges and platforms for trading in cryptocurrencies.

They are ordered to deny its customers to use their credit cards to purchase cryptocurrencies and barred from advising their customers to invest or trade in cryptocurrencies.

According to BOT, cryptocurrencies could be used in illegal activities such as money laundering or supporting terrorism.

After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner, said Minister of Finance Apisak Tantivorawong.

A regulatory framework to govern digital currencies will soon be developed, he added.-VNA