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 currenciesare not legal tender and it will join hands with the Anti-Money LaunderingOffice to prevent the illicit use of virtual currency bitcoin.
BOT Governor Veerathai Santiprabhob said that crypto currencies are digitalcommodities 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 ofcrypto currencies.
As bitcoins are not regulated by any central bank or management mechanisms,investors will face considerable risks, he said, adding that digital currenciescan be easily taken by hackers, causing serious damage to the economy.
The BOT is working to protect investors and bar crypto currency from becoming atool for money laundering activities. Any payment by virtual currencies is notaccepted by Thailand, the governor noted.
The bitcoin tumbled below 12,000 USD on December 22, 2017, down roughly 30percent from the record high of nearly 20,000 USD earlier that month. Investorsrushed to dump the bitcoin together with other virtual money like dash,litecoin and ripple.-VNA
Prime Minister Nguyen Xuan Phuc this week approved the plan to scrutinise and streamline the legal framework for the management of cryptocurrencies such as bitcoin in Vietnam.
Experts voiced real concern over safety and legal status of e-money since Bitcoin, a form of cryptography-based e-money, is believed to potentially cause risks for users due to its highly volatile value.
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
According to the State Bank of Vietnam (SBV), the issuance, supplement and use of bitcoin and other similar virtual currencies for legal payment is prohibited in Vietnam.
Investors of bitcoin in particular and cryptocurrencies in general should be aware of the possible risks involved in addition to rapidly increasing profits, experts have warned.
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The Bank of Thailand (BOT) has said that crypto currencies are not legal tender.
