Thailand Outlaws Bitcoin

That may not be as enforceable as they think

The Bank of Thailand declared Bitcoins illegal on Monday, making it the first country to ban the virtual currency.

According to an online statement by Bitcoin Co. Ltd., which facilitates the trading of the currency, the ruling came after months of meetings between the company and Thailand's central bank. Thailand's Foreign Exchange Administration and Policy Department ultimately decided on the ban "due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets."

Essentially all activities involving Bitcoins have been rendered illegal, including buying and selling Bitcoins, using Bitcoins to buy or sell goods online, and sending or receiving Bitcoins from outside the country.