There are reports that Thailand has advised against using Bitcoin. We read the article and in one instance, it stated that the Bank advised against using Bitcoin, then later stated it was banned. Some questions arose as to which is fact and which is made up as we could not figure out how a private company can create Thai law on something it has no clue about.
Looking at the business model and the lack of useability of Bitcoin in Thailand, it soon appeared that some statements are not entirely true. Thailand techies in general are not flush with cash, so converting any funds to bitcoin over buying food and paying rent would seem a difficult decision to make.
Next it is noted on their website that many banks have allowed funds to be transferred from this Thai Bitcoin company, so it would stand to reason, these established banks would have said no to such an industry doing trade with them. Why would a bank jeopardize its established position in Thailand?
We now noticed that they sell mining equipment. Yes, they sell mining equipment and I will say it again, if you didn't read what I wrote. This is the strangest part of the whole story, as they now providing the tools to obtain Bitcoin in Thailand. I have to say, that this whole story by Bitcoin Thailand needs to be investigated further, so the truth can come out.
Last of all, the last comment on their website is:
" Bitcoin Co. Ltd. has currency exchange applications currently pending review with the Bank of Thailand. "
How can this be the case if Thailand has banned Bitcoin. How can an application be pending?
We find it difficult to believe the statement they made and we hope the truth comes out as this type of nonsense only damages Bitcoin as a worthwhile, beautiful and exciting currency.