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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Bitcoin Cash Price Analysis: BCH/USD Back Bearish Below $550

Key PointsBitcoin cash price is under a lot of pressure as it broke the $540 support area against the US Dollar.There was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair may perhaps continue to move down if sellers manage to push the price below $500.Bitcoin cash price declined below the key support at $540-550 against the US Dollar. BCH/USD is back in a bearish zone towards $500 and $480.Bitcoin Cash Price DeclineThere was a fresh start of a downside move from the $580 and $600 swing highs in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $560 and $550 support levels. The decline was crucial as the price broke the 50% Fib retracement level of the last wave from the $470 swing low to $610 swing high. The price even settled below the $540 support and the 100 hourly simple moving average.More importantly, there was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair. The pair traded towards the $500-510 support area where buyers emerged. However, the recent downside break seems significant since the price settled below $540. An initial support sits at the 76.4% Fib retracement level of the last wave from the $470 swing low to $610 swing high. Should buyers fail to defend the $505-510 support zone, there could be more losses in the near term.Bitcoin Cash Price Analysis BCH USDLooking at the chart, BCH price is back in a bearish zone below $540. Therefore, there are even chances of more slides below the $510 and $500 supports levels in the near term.Looking at the technical indicators:Hourly MACD – The MACD for BCH/USD is moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level.Major Support Level – $510Major Resistance Level – $540

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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