Thailand bans cryptocurrency payments for goods and services

BANGKOK (AP) — Thailand’s securities regulator says it is barring the use of cryptocurrencies for payment of goods and services. The ruling effective April 1 does not ban investment in cryptocurrencies, which has become increasingly popular in the past year after being promoted by local exchanges. The Securities and Exchange Commission said Wednesday it’s taking action in order to protect the stability of the country’s financial and monetary systems from threats including money laundering and other cybercrimes. The regulation also specifically bans the promotion of cryptocurrencies for payment along with the distribution of software and devices for that purpose. Businesses have until the end of April to comply with the ban.