Tuesday, October 20, 2020

Public warned of digital currency fraud risk

Jan 03. 2018
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By The Nation

The Finance Ministry on Wednesday issued a warning about the high risks of investing in digital currency, but so far there is no concrete measure to deal with the rising popularity of bitcoin and other cryptocurrencies.

Pornchai Theeravej, finance and economics adviser to the Fiscal Policy Office, said people should be aware of the dangers of investment in digital currency. Some schemes promise unreasonably high returns similar to Ponzi schemes, he said.

He also warned that those who deceive people could be charged with fraud. 

The value of digital currencies had been highly volatile, he said, apparently referring to the fluctuating value of bitcoin on the global market. 

Thailand and other countries have not yet legalised the digital currencies as a means of financial payment, he said. 

The Finance Ministry, Bank of Thailand, Securities and Exchange Commission and Anti-Money Laundering Office are currently working together to find effective measures for dealing with digital currency, he added.

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