Thailand bans joke cryptocurrencies and non-fungible tokens
- Reference: 1623730569
- News link: https://www.theregister.co.uk/2021/06/15/thailand_bans_joke_cryptocurrencies_and/
- Source link:
A Saturday [1]announcement prohibits digital exchanges from handling four types of tokens:
“Meme tokens” that the regulator characterises as having no clear purpose, no underlying value and whose prices fluctuate due to social media commentary;
“Fan tokens” that exist only due to the fame of influencers;
Non-fungible tokens (NFTs), the emerging application of blockchain to signify ownership of digital assets;
Tokens issued by digital asset exchanges or related persons.
Digital exchanges are the target of the new rules. Individual Thais remain free to use any of the abovementioned tokens if they wish to and can find someone willing to handle their trades.
But the intent of the rules is to make it hard for exchanges that handle the trades to operate within Thailand. The final item on the Commission’s list — tokens issued by exchanges — is designed to make it hard for crypto-dealers to create tokens they use to trade among themselves, or that their customers can use to make payments for exchanges’ services.
[2]China arrests over 1000 for using cryptocurrency to help launder proceeds of phone scams
[3]Antivirus that mines Ethereum sounds a bit wrong, right? Norton has started selling it
[4]Ganja believe it? Police make hash of suspected weed farm raid, pot Bitcoin mine instead
[5]China all but bans cryptocurrencies
The rules require digital exchanges to stop dealing in the banned token, or face having them yanked from their services by Thai authorities.
The Commission’s decision is seen as likely to impact even relatively mainstream tokens like Dogecoin — which has recently been the subject of odd Tweets by Elon Musk — along with other less-prominent coins. The policy motive behind the decision is a desire to reduce opportunities for money-laundering, and to ensure the stability of the nation’s financial system. ®
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[1] https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=8994
[2] https://www.theregister.com/2021/06/11/china_crypto_crackdown_continues/
[3] https://www.theregister.com/2021/06/03/norton_crypto/
[4] https://www.theregister.com/2021/05/30/cannabis_raid_smokes_out_bitcoin_mine/
[5] https://www.theregister.com/2021/05/19/china_cryptocurrency_crackdown/
[6] https://whitepapers.theregister.com/
Re: Just ban all crypto currencies.
But but but... how could then the ransomware scum thrive?
Re: Just ban all crypto currencies.
I guess you'll just have to imagine my sorrow.
Re: Just ban all crypto currencies.
Oh MS, Adobe, etc, are doing very well out of making folk pay to keep accessing their own cloudy data.
Re: Just ban all crypto currencies.
I will concede there is much about the modern world (everything post-2001) I don't get, but crypto-currency is definitely number one on my WTAF list.
Re: Just ban all crypto currencies.
Same here. When I first heard of them I presumed folk were performing some sort of useful computation in return for money, a bit like a commercial SETI system. Then I found out the moronic truth :(
Re: Just ban all crypto currencies.
Not all cryptocurrencies are "proof of work". Not all of them are pointless "digital gold" like Bitcoin.
Many have actual industrial applications.
Can we do the same here ?
Please ?
Re: Can we do the same here ?
I suspect you may have an objection to Monnetising some types of mathematical operations.
Just ban all crypto currencies.
Your stock market will stabilize as it's no longer being used by those whom manipulate crypto currencies for their own enrichment. Your economy will settle down as citizens no longer have to worry about how, when, why, nor even if to begin accepting crypto currencies in addition to nor instead of actual fiat currencies. Best of all is the fact that your country will be seen as inhospitable to the use of crypto currencies which will have a knock on affect of making nobody want to start a crypto currency mining operation there either, meaning you won't end up like Ireland which is currently having to order it's power generating grid to prioritize everything _other_ than such massive power drawing enterprises lest the entire nation suffer rolling blackouts due to an inability to deliver the terawatts demanded by such entities. Just nip that migraine inducing pain in the arse right here, right now, and save yourselves a ton of ever greater pains in the future...