Thai Central Bank Defends Cryptocurrencies
The book reported that “that a ‘whale’ investor at the Stock Exchange of Thailand (SET) and employees at up to 3 Thai banks have been suspected of being complicit” from the fraud. Three of the country’s biggest banks – Bangkok Bank, Siam Commercial Bank and Kasikornbank – have been named. “All handled transactions involving part of this swindled currency,” the book noted and quoted the police describing:
Regulation
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He pointed out that, as far as he knows, the plot was not dependant on using cryptocurrencies. He highlighted that in this instance:
Police said several of those banks’ workers failed to report money transfers of 2 million baht [~US$61,040] or higher, a critical violation of financial rules.
This situation calls for a bitcoiner and his partner being duped into investing in fraudulent investments including Assets called dragon coins, even as news.Bitcoin.com formerly reported.
The money will be used for the wrong purpose. It is not a fraud that happened during crypto trading.
Thailand has recently enacted its cryptocurrency regulations. The country’s primary crypto regulator, both the Thai Securities and Exchange Commission (SEC), has approved seven crypto companies, five of which can be crypto markets, to legally operate in the country. The regulator can also be reviewing different programs. The seven cryptocurrencies that could be legally traded for your Thai baht include BTC, ETH, BCH, ETC, LTC, XRP, and XLM.
Furthermore, the SEC has revealed that about 50 first coin offering (ICO) projects are working to launch, five ICO portals plan to open for business, and 20 crypto trades have applied for a permit. Meanwhile, the Bank of Thailand has green-lighted subsidiaries of banks to participate in crypto activities.
Pictures courtesy of Shutterstock and the Bank of Thailand.
The present high-profile fraud situation involving over 5,564 BTC has received much attention in Thai media. It includes a well-known soap actor and model, Jiratpisit Jaravijit, also called “Boom”.
From the high-profile Thai crypto fraud situation involving an actor, Thailand’s central bank has explained that the fraud is not related to cryptocurrency trading, however, a typical misuse of money. Thailand has recently spanned seven cryptocurrencies, licensed seven crypto companies, and the Bank of Thailand has green-lighted commercial banks’ subsidiaries to get crypto activities.
Further Development of this Case
Based on local media, the Thai authorities ’s Crime Suppression Division (CSD) summoned eight scam suspects on Thursday. They were Boom, members of his loved ones, two businessmen and a former soldier, that the Bangkok Post comprehensive.
What would you think of this Bank of Thailand’s actions? Tell us in the comments section below.
Mr. Veerathai continued to frighten investors that crypto investing is insecure because of volatility, reminding them that they should comprehend the risks and only invest what they can afford to lose.
Released at Tue, 21 Aug 2018 11:02:00 +0000
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