Thailand says some coins have “no clear objective or substance or underlying” value.
A Southeast Asian country has now decided to let go of cryptocurrency trading. Thailand, announces last Saturday, June 12, that citizens will no longer be allowed in law to make transactions with meme coins like Dogecoin or even buy or sell non-fungible tokens (NFTs) online. The government has already tasked to delist all coins mentioned in their report.
Thailand bans Doge
As said, last June 12, Thailand’s Security and Exchange Commission (SEC) announces ban on so-called meme coins such as Dogecoin. According to the agency’s website, all the coins that have these characteristics will be delisted on the country:
- Meme token: having no clear objective or substance or underlying, and whose price running on social media trends;
- Fan token: tokenized by the fame of influencers;
- Non-fungible token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount;
- Digital tokens which are utilized in a blockchain transaction and issued by digital asset exchanges or related persons.
This means, cryptocurrency like Dogecoin will no longer be allowed to be transacted in Thailand. Also, NFT selling or buying will be prohibited to take place in the country, immediately implemented last Friday, June 11.
To clarify, not all cryptocurrencies will be banned in Thailand. However, the requirements for listing of cryptocurrencies are now stricter than before.
“A digital asset exchange has to set the requirement that the digital token issuer who is the exchange itself or related person comply with the white paper and relevant rules in substance. Failure to do so could result in the delisting of such digital token from the exchange,” said on the website.
All digital assets will be given 30 days from the effective date, in order to comply with all the requirements needed on the application for listing.
Elon Musk bitcoin, El Salvador legal tender
Though losing Thailand in the fight of cryptocurrency trading could be a major problem for the industry, Elon Musk seemed to be unaffected with this decision. In fact, on Sunday, June 13, the Tesla billionaire told on reports that his EV company is now ready to accept Bitcoin again, with one condition: mining should be cleaner than before.
A past report on Tech Visibility says that Bitcoin is the least eco-friendly cryptocurrency with its high amount of fuels used for mining with 707 KWh. Other cryptocurrencies are more Earth-friendly such as Ethereum with 62.56 KWh, Litecoin with 18.522 KWh, and most eco-friendly of them all, XRP with only 0.0079 KWh.
Though, this is still a 50-50 chance, Bitcoin jumped its value hours after the announcement of Elon.
Meanwhile, days before Thailand announced the banning of Dogecoin; El Salvador, on the other hand, chose to go the other way. Last week, the nation revealed the decision to allow Bitcoin as a legal tender after country President Nayib Bukele’s proposal to embrace the cryptocurrency.
El Salvador is the first country to fully adopt the cryptocurrency coin.