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Scams Are Not Happening Because Of Cryptocurrency – Thailand’s Central Bank


Bank of Thailand (BOT) Governor, Mr. Veerathai Santiprabhob defends cryptocurrency, clarifying that scams are not just happening because of cryptocurrency trading but it is a general misuse of money. He pointed out that, as far as he understands, the problems were not dependant on using cryptocurrencies. He said fraudsters are simply using the blockchain technology as a medium to carry on their scams, just like any other financial medium.

This comes in light of the recent high-profile Thai crypto fraud case involving an actor, Thailand’s central bank has clarified that the fraud is not related to cryptocurrency trading, but a general misuse of money. Thailand has recently legalized seven cryptocurrencies, authorized seven crypto firms, and the Bank of Thailand has green-lighted commercial banks’ subsidiaries for crypto activities. The story was widely publicized in the media, and also became a cause of concern for local regulators.

According to local media, the Thai police’s Crime Suppression Division (CSD) summoned eight scam suspects on Thursday. They were Boom, members of his family, two businessmen and a former soldier, the Bangkok Post detailed. The head of the Thai central bank stressed that the success of the enterprise started by the scammers was not because of blockchain or cryptocurrency but because of the fraudsters who’re involved in it.

“The money is used for the wrong purpose. It is not a fraud that occurred during crypto trading” says Mr. Veerathai Santiprabhob.

He also warned investors about the high risks of investing in the cryptocurrency, due to high price volatility. He added that investors should consider all possible risks and do not invest more than they can afford to lose.

Earlier the Thai financial controller approved the trading of crypto- currents Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple and Stellar, and their use in the initial offers of coins (ICO). Soon, the local SEC promised to approve five ICOs after the entry into force of the relevant law. In addition, the SEC has revealed that about 50 initial coin offering (ICO) projects are seeking to launch, five ICO portals plan to open for business, and 20 crypto exchanges have applied for a license. Meanwhile, the Bank of Thailand has green-lighted subsidiaries of commercial banks to engage in crypto activities.

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