The Finance Ministry has warned the people not to invest in the so-called “OneCoin” digital currency as there is high risk of being decieved and investors could lose their money.
The ministry believed the electronic money investment might be same as the Ponzi scheme.
Warning by the ministry came amid there is report that more people are investing in the digital currencies, notably people in the Northeast.
Since April 1 this year, the ministry has received no less than 27 complaints involved with Ponzi Schemes. Most of these cases have occurred in the northeastern provinces of the country.
Surasak Pichit-Pajongkij, the executive director of the Bureau of Financial Inclusion Policy Development of the Fiscal Policy Office with the Ministry of Finance, warned that at present a large number of Thai investors, mostly in the northeastern provinces, have been fooled into investing in OneCoin.
These people have been attracted by the promise of 10 � 60% returns which Mr Surasak states amounts for naught as crypto currencies are not legitimate currencies and therefore cannot be converted.
This not only applies to Thailand but also other countries which does not recognize these crypto currencies, he said.
Therefore anyone who has made investments in the scheme is not covered legally and cannot expect to be compensated in the event of default.
He said OneCoin are nothing more than electronic money (crypto currencies).
When the electronic information disappears you are left with nothing! he said.
He said he was concerned for the public and would like to warn everyone to avoid being taken in by the scheme.
It is not real money and what is worse is that no one knows the actual source except that it is somewhere overseas. Theteefore Thai law can do nothing to protect them, he said.
He said the Ministry of Finance is currently coordinating with the Department of Special Investigations (DSI) to investigate the website promoting OneCoin to determine if it is a new form of Ponzi scheme.
They have also issued a warning to the public to exercise the utmost care when investing and should check all the details closely.
Any questions they have can be made to the 1213 Hotline.
Source: Thai Public Broadcasting Service (Thai PBS)