Thailand blocks use of cryptocurrencies as means of payment

The Securities and Exchange Commission of Thailand said Wednesday it's forbidding the use of cryptocurrencies as a means of payment effective April 1, according to a statement. The agency pointed to risks surrounding the digital asset space such as price volatility, cyber theft and being used as a tool for money laundering. Cryptos also don't provide improved efficiency to payments given high transaction costs, the statement read. "As a result, the use of digital assets to pay for goods and services does not add much benefit to people and businesses," Thailand's SEC highlighted. Note that the agency is not banning the use to digital assets for investment. Meanwhile, a handful of regulators around the globe have been taking steps to regulate use cases for digital assets, including those in China, India, Russia, and Turkey. On the flip side, Ukrainian President Volodymyr Zelenskyy legalized cryptos.