Mining for Digital Gold

(Blobimberg Businessweek) As Bitcoin popularity grows in several countries, the use of the digital currency has sparked curiosity and controversies in Thailand, especially after the Bank of Thailand said on July 31 this year buying and selling bitcoins, using them to buy or sell goods and services, and transferring them in and out of Thailand were all “currently illegal.”

It cited the absence of local laws to support the transactions. Since Bitcoins are backed by no one and nothing and completely unregulated, the Thai central bank said a law and technology needed to be in place to trace its transactions to minimize the risk or loopholes that it may be used to speculate on the local currency, as well as gamble and launder money.