Alternative Currency: Bitcoins banned in Thailand

Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency. In a statement on its website, Bitcoin said it had given a presentation to the Bank of Thailand about how the currency works in a bid to operate in the country.

However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand".