Thai Central Bank Defends Cryptocurrencies

Thai Central Bank Defends Cryptocurrencies


In the 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.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bank of Thailand’s Clarification

Thai Central Bank Defends CryptocurrenciesMr. Veerathai Santiprabhob.

The current high-profile fraud case involving over 5,564 BTC has received much attention in Thai media. It involves a well-known soap actor and model, Jiratpisit Jaravijit, also known as “Boom”.

The Thai News Agency reported on August 20 that the Bank of Thailand (BOT) Governor, Mr. Veerathai Santiprabhob, has clarified that this fraud case is not about crypto trading. He pointed out that, as far as he knows, the scheme was not dependant on using cryptocurrencies. He emphasized that in this case:

The money is used for the wrong purpose. It is not a fraud that occurred during crypto trading.

Mr. Veerathai continued to warn investors that crypto investing is risky due to price volatility, reminding them that they should understand the risks and only invest what they can afford to lose.

Further Development of the Case

This case involves a Finnish bitcoiner and his partner being duped into investing in fraudulent investments including tokens called dragon coins, as previously reported.

Thai Central Bank Defends CryptocurrenciesAccording 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 publication also reported that “a ‘whale’ investor in the Stock Exchange of Thailand (SET) and staff at up to three Thai banks are suspected of being complicit” in the fraud. Three of the country’s largest banks – Bangkok Bank, Siam Commercial Bank and Kasikornbank – were named. “All handled transactions involving part of the swindled money,” the publication noted and quoted the police explaining:

Police said several of the banks’ employees failed to report money transfers of 2 million baht [~US$61,040] or higher, a serious violation of bank rules. Staff are required to inform the Anti Money Laundering Office (Amlo) when sums of this value change hands.

Thai Central Bank Defends CryptocurrenciesThailand has recently enacted its cryptocurrency regulations. The country’s main crypto regulator, the Thai Securities and Exchange Commission (SEC), has authorized seven crypto firms, five of which are crypto exchanges, to legally operate in the country. The regulator is also reviewing other applications. The seven cryptocurrencies that can be legally traded for the Thai baht are BTC, ETH, BCH, ETC, LTC, XRP, and XLM.

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.

What do you think of the Bank of Thailand’s action? Let us know in the comments section below.

Images courtesy of Shutterstock and the Bank of Thailand.

Need to calculate your bitcoin holdings? Check our tools section.

News In Brief: What Happened In China in the Past One Week

Source: Flickr

This news was provided to us by Sanyan Blockchain. Crypto-News India and Sanyan Blockchain are media partners exchanging news in cryptocurrency and blockchain space in India and China

China’s E-commerce Giant Alibaba: Blockchain and Internet will Reconstruct World’s Financial System in the Next Two Decades

On August 18, Jack Ma, founder of Alibaba, mentioned three major technologies that it focuses on. The first one is blockchain used for finance, for blockchain and Internet will reconstruct the world’s financial system in the next two decades; the other two are artificial intelligence and IOT(Internet of Things). Mr. Jack also said that blockchain will be used for fighting activities in relation to fake commodities and this technology as one of key technologies not only can change the financial system in the next two or three decades, but also can be applied for other industries.

Binance Plans to Establish Three Legal Currency Trading Platforms at Least

Of date, He Yi, co-founder of Binance, one of the biggest cryptocurrency exchanges in the world, said that Binance is scheduled to establish three legal currency trading platforms this year and it will consider capital preservation of legal currency itself and stability of political situation and financial policies of relevant states and regions. Prior to that, she said that transaction mining is a formalistic hype, which is unable to solve problems or fails to increase efficiency and the profits for transaction mining only results in excessive inflations.

CGB of China Explores Blockchain-based Business to Power Traditional Banking Business

On August 19th, China Guangfa Bank(CGB) teamed up with other banks to forge an innovation platform based on blockchain and quicken the speed of processing information and transparency to greatly improve customers’ experience by this platform featured with data sharing, distributed ledger and real-time query. Besides, CGB will focus on exploring the cooperation for accelerating the blockchain business to power the business of traditional banks via cutting edge technologies such as blockchain and AI.

China’s CASS: Blockchain Brings New Challenges to Regulation While Promoting the Development of Finance

On August 19th, XU Xiujun, Associate Professor of Institute of World Economics and Politics CASS (Chinese Academy of Social Science), the comprehensive research center of PRC in the fields of philosophy and social sciences, said that regulators are in a new dilemma, while current cutting-edge technologies such as blockchain, AI and cloud computing promote further integration of finance and technology regulators. Specifically, regulators are incapable of controlling changes brought by advanced technologies to finance and they are difficult to evaluate risks caused by new financing patterns and take relevant supervision measures.

Liked what you read? Join us on Telegram

Share with your friends


Huobi Launches New Service to Streamline Token Listing Application Process

Singapore-based cryptocurrency exchange Huobi Group has launched a new product designed to streamline the token listing application process.

According to a statement shared with Cointelegraph, the new service, which Huobi developed to provide a more transparent listing process, is called the Huobi Automated Listing Platform.

Per the announcement, projects that want to list on Huobi Global or an autonomous digital asset exchange Huobi HADAX, will have to register and submit specific documentation about the project. The announcement states that the Huobi Automated Listing Platform “will not automatically list any token or coin that applies.”

Upon passing the verification process, applicants will receive a unique login account, which provides access to submit, edit, amend, and review documents and status of the token listing.

Projects that fail to pass the verification will be provided with a reminder notification of re-application to HADAX 2.0 and assistance in registering on the newly launched platform. Projects that decide to re-apply will have to follow specific application and listing rules.

The announcement also states that later this year, Huobi is looking to launch the Huobi Blockchain Project Show Center within the Huobi Automated Listing Platform, which will provide users access to reports, videos, and live broadcasts.

In July, Huobi Group launched Huobi Cloud, which allows users to build over-the-counter (OTC) and digital asset exchanges on top of Huobi’s existing platform. Partners will also be able to use the order integration and wallet systems, as well as the asset management and clearing system of the Huobi Global platform.

That same month, HBUS, the U.S. “strategic partner” of Huobi, confirmed the release of its API for “experienced traders” in some U.S. states. The product was geared to high-volume users who required live pricing data and other tools. In addition to price tracking, the API also offers historical price data, support for margin trade customization support, setting buy and sell limits, and retrieving trade history.

Photo via Shutterstock.

Source: Cointelegraph