Thailand warns against bitcoin’s risks
The Bank of Thailand (BOT) has said that crypto currencies are not legal tender and it will join hands with the Anti-Money Laundering Office to prevent the illicit use of virtual currency bitcoin.
The Bank of Thailand (BOT) has said that crypto currencies are not legal tender.(Photo: AFP/VNA)
Bangkok (VNA) – The Bank of Thailand (BOT) has said that crypto currencies are not legal tender and it will join hands with the Anti-Money Laundering Office to prevent the illicit use of virtual currency bitcoin.
BOT Governor Veerathai Santiprabhob said that crypto currencies are digital commodities rather than a digital currency and they are being traded like gold, oil and other existing goods and services.
He also expressed his concern about people who are uneducated in the risks of crypto currencies.
As bitcoins are not regulated by any central bank or management mechanisms, investors will face considerable risks, he said, adding that digital currencies can be easily taken by hackers, causing serious damage to the economy.
The BOT is working to protect investors and bar crypto currency from becoming a tool for money laundering activities. Any payment by virtual currencies is not accepted by Thailand, the governor noted.
The bitcoin tumbled below 12,000 USD on December 22, 2017, down roughly 30 percent from the record high of nearly 20,000 USD earlier that month. Investors rushed to dump the bitcoin together with other virtual money like dash, litecoin and ripple.-VNA
You should also see
VNA marks 70th anniversary of Dien Bien Phu Victory with various activities
The Vietnam News Agency (VNA) hosted an array of activities to celebrate the 70th anniversary of the Dien Bien Phu Victory (May 7, 1954 - 2024).
See more
World
Indonesia’s Mount Ruang continues to emit ash
After a series of eruptions earlier this week that forced thousands to evacuate, Mount Ruang in North Sulawesi, Indonesia, continued to emit ash on April 19 afternoon.
World
Thailand gives financial support to Laos for road maintenance
The Thai cabinet has approved 1.8 billion THB (about 48.8 million USD) in financial assistance for the Lao Government to maintain and improve Highway R12, shortening the travel time from Thailand’s Nakhon Phanom province, through Laos, to the Vietnamese border in central Quang Binh province.
World
Indonesia develops sustainable tourism
Indonesia has been working to realise its goal of building a quality, sustainable and environmentally friendly tourism industry.
World
Vietnam to have many opportunities from digitalisation, green transformation: IMF
The International Monetary Fund (IMF) has forecasted that Vietnam will have many opportunities from digitalisation and green transformation, according to IMF Asia and Pacific Department Director Krishna Srinivasan.
World
Thailand’s EV sales forecast to miss target
Electric vehicle (EV) sales in Thailand may fail to reach the estimate of 130,000 units this year as prices are likely to keep changing, according to Hyundai Mobility Thailand.
