Thailand warns against bitcoin’s risks

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

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