Thai Central Bank Defends Cryptocurrencies

Thai Central Bank Defends Cryptocurrencies

Regulation

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 news.Bitcoin.com 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.


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China Updates Crypto Ranking – Bitcoin Makes Top 10

China Updates Crypto Ranking – Bitcoin Makes Top 10

Finance

China has updated its crypto ranking, adding two projects to the previous month’s list. Bitcoin has significantly improved, making the top 10 list for the first time. Crypto projects are ranked in three categories: technology, application, and innovation.

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

33 Crypto Projects Ranked

China’s Center for Information Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, officially released its fourth crypto project ranking on Friday. The new list consists of 33 crypto projects, two more than the previous list.

China Updates Crypto Ranking – Bitcoin Makes Top 10The center began ranking 28 crypto projects in May. The following month it added 2 more projects: EOS and Nebulas. Last month one more was added: Gxchain. This month two more public chains were added: NULS and Tezos.

For the first time since the CCID began ranking crypto projects, Bitcoin made the top 10 list, jumping from the 16th place in the previous month to the 10th place this month. Meanwhile, EOS remains top of the list, followed by Ethereum.

China Updates Crypto Ranking – Bitcoin Makes Top 10

The CCID explained that its assessment “mainly examines the basic technology, application and innovation of public chains,” adding:

The current model is basically the same as the previous one, and only some data accounting methods have been revised. In terms of the composite index, the three public chains with the highest increase in scores compared to the previous period were EOS, Nano and Komodo, and the three public chains that have risen the fastest in ranking were Komodo, Nano and Bitcoin.

Bitcoin’s Lead and New Additions

The CCID elaborated that “in terms of innovation sub-indicators, Bitcoin’s recent code update is very active,” earning the project a score of 40.3 for this category – the highest on the list.

The overall ranking puts EOS at the top of the list, Bitcoin the 10th spot, Stratis the 13th spot, Bitcoin Cash 29th, and Hcash 30th. However, the center noted:

Compared with the previous ranking, the top five most improved [in terms of] innovation are EOS, Bitcoin, Bitcoin Cash, Hcash and Stratis.

The two new additions, NULS and Tezos, debuted in the 21st and 28th places, respectively. The former “is a blockchain infrastructure for customized services,” consisting of “microkernels and functional modules,” the center described. It occupies the 21st place overall “due to the short time its mainnet has been online, [and] many functions are still under development.” Similarly, the center ranks Tezos 28th even though “Tezos also has outstanding features in technological innovation,” the CCID detailed.

What do you think of the CCID’s new ranking? Let us know in the comments section below.


Images courtesy of Shutterstock and the CCID.


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3D Printable Gun Advocate Sued by 21 States, Launches Fundraiser

3D Printable Gun Advocate Sued by 21 States, Launches Fundraiser

Crowdfunding

Embattled 3D printable gun advocate Cody Wilson and his Texas-based company, Defense Distributed are being sued by nearly two dozen states in the US. Attorneys General are marshaling a coast-to-coast legal fight against Mr. Wilson after he had an agreement with the US Department of State that effectively allowed Defense Distributed to host downloadable firearm blueprints for use with a 3D printer. In response, Mr. Wilson launched a two-week fundraising and media campaign to raise awareness of his plight, hoping to be able have digital 3D firearm blueprint files freely downloadable from his website.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

3D Gun Advocate Cody Wilson Reveals Two Week Legal Fundraiser

“In July, you may have heard that Defense Distributed won a settlement from the US Dept of State to publish gun blueprints online,” Mr. Wilson began in a letter to supporters who have been with him from the beginning. “We in fact received a license from the federal government to publish our software, and we consider it a landmark victory for the 1st and 2nd Amendments, hard won after many years in federal court.”

3D Printable Gun Advocate Sued by 21 States, Launches Fundraiser

Indeed, Mr. Wilson dropped out of a promising legal career as a student at the University of Texas to pursue what was at first a lark, a flirt, half a decade ago. He and a friend were inspired by the work of Julian Assange and Wikileaks. Mr. Wilson and a couple of conspirators set out to create a version of something they called a Wikiweapon. Radical equality was what they insisted they were pursuing through the Maker movement, essentially hobbyists who wanted to build replacement parts or molds for art projects. No one had previously thought of gun.

Mr. Wilson then was able to produce a single shot, plastic pistol from a commercial grade 3D printer. He made the blueprints available on his website, Defense Distributed, under the tab Defcad.org. Rumor has it his free and open to the public digital firearm blueprints were downloaded 100,000 times before the US Department of State sent him a letter, ordering the files’ removal as they violated international firearm distribution laws.

3D Printable Gun Advocate Sued by 21 States, Launches Fundraiser

Feds Say Yes, States Say No

He and Defense Distributed complied immediately, but continued building among the legal ruins. He began manufacturing small milling machines for the express purpose of producing gun-related parts. After months without clarification on its initial order, Mr. Wilson turned the tables and sued the federal government for depriving him of the right to speak, along with unnecessarily curtailing his Second Amendment freedoms.

Curiously, he wound up losing major early court battles, and most enthusiasts resigned to not being able to legally distribute digital firearms files through the web. Mr. Wilson insists had his case reached the Supreme Court, he would’ve surely won on appeal. The State Department, he urges, wanted to make sure they at least got something out of the deal by negotiating ahead of a Supreme Court decision surely to be in his favor. Whatever the case, an agreement was struck, and Mr. Wilson just recently began hosting the digital files on his website again, only this time with the US federal government’s blessing.

3D Printable Gun Advocate Sued by 21 States, Launches Fundraiser

“I had hoped to spend at least a day in celebration,” Mr. Wilson continued to his supporters. “We were prepared to show you a number of incredible things as a result of this victory. But on the day we began publishing files at DEFCAD.com, we faced a tidal wave of lawsuits from Blue State Democrat attorneys general. We are being sued by 21 states across four venues in this country.” Clearly, governments wish to silence Mr. Wilson through a war of legal attrition. 

In response, Mr. Wilson has launched a two-week fundraising campaign in conjunction with Bitcoin.com, which will match every donation made in bitcoin cash (BCH) up to $100,000, paid personally by CEO Roger Ver. The company and Mr. Ver view supporting the Defense Distributed case as in line with their corporate mission to bring more freedom to the world.  

Will you donate to help Defense Distributed? Share your thoughts in the comments section below.


Images via Pixabay, Defense Distributed.


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