In a statement on its website, Bitcoin said it had given a presentation to the Bank of Thailand about how the currency works in a bid to operate in the country.
However, at the end of the meeting, "senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets... Bitcoin activities are illegal in Thailand".
Bangkok's Ratchadapisek Criminal Court yesterday ordered that Algerian hacking suspect Hamza Bendelladj, 24, be detained pending extradition to the United States for prosecution over banking fraud.
Authorities in Thailand have removed over 5000 webpages in the last three months with content deemed insulting to the royal family. Critics on the other hand, argue that this is just an excuse by the government to exercise harder censorship controls.
Those found guilty could face up to 15 years in prison, such as Wipas Raksakulthai, thought to be the first person charged with the crime after making a posting to Facebook.
Monsoonal flooding in Thailand last year helped Seagate Technology recapture the worldwide lead in hard disk drive shipments in the last quarter of 2011, according to a new report from IHS iSuppli.
Seagate passed former market leader Western Digital Corp., which suffered heavy losses in the devastating Thailand floods last year. Seagate claimed 38% of HDD market share, compared with Western Digital's 23%, according to the iSuppli report released today.
TDK has announced a drastic cost-cutting programme that will see the company slash around 12 per cent of its workforce across the world following plunging income.
In the company's most recent report, TDK executives admitted that its income hasn't exactly hit targets - and has dropped 74 per cent in the last six months.