THAILAND’S CENTRAL BANK WARNS AGAINST BITCOIN RISKS

BANGKOK, Thailand — The Bank of Thailand (BoT) has warned that Bitcoin is not a legal currency and the country’s Anti-Money Laundering Office (AMLO) should prevent its abuse for money laundering, Thai News Agency (TNA) reported.

BoT governor Veerathai Santiprabhob said cryptocurrencies including Bitcoin were not legal tender currencies and they were investments like that in commodities such as gold and oil.

Investors have to be careful with digital currencies because they carry high risks and fluctuations and central banks worldwide including the BoT have not certified any digital currency, Veerathai said.

Bitcoin exchange centres had been either hacked or closed and many people who do not understand digital currencies had been lured into Ponzi schemes in disguise of claimed new and high profitable financial instruments, he said.

He also said that AMLO and other concerned organisations should be encouraged to protect general people and prevent money-laundering through digital currencies.

However, digital currencies have not been widely used in Thailand in the way that could affect its economic stability, Veerathai said.

Source: NAM NEWS NETWORK

Post Author: thailandmirror.com