While other countries such as South Korea, Japan, China and other Asian countries are busy regulating Bitcoin and cryptocurrencies, Thailand chooses cryptocurrency education and remains open-minded, though cautious on Bitcoin and cryptocurrencies. This is however strange given its current military dictatorship rule which would have been expected to be a red flag to cryptocurrencies.
The Premiere of Thailand, Prayut Chan-o-cha recently instructed the finance minister to educate the people of Thailand about Bitcoin investment after being worried about the surge in its price and wanted the people to be cautious before investing according to Bangkok Post.
Mr Somchai, the Finance minister before walking into a meeting with Bank of Thailand, Securities and Exchange Commission (SEC) and the Anti-Money Laundering Office (AMLO) had this to say;
“The ministry is concerned that cryptocurrency trading will have parallels with investment in Ponzi schemes and therefore people must be made aware of the high risks involved before they plough their money into digital currencies that are not regulated”. Mr Somchai Finance Minister
After considerations, the Central bank has declined to regulate Bitcoin as they feel there is no widespread usage and doesn’t see any risk yet to the financial system of Thailand. They are then giving more room to education rather than regulation.
“There is no central bank in the world that accepts bitcoin, and central banks in the US and Japan are open to opportunities for virtual currencies to be used for payments if recipients are ready to accept them” Mr Veerathai the Central bank governor said.
This is coming just days after South Korea imposed stricter regulations on Bitcoin and cryptocurrencies investors and exchanges though they still have a welcoming viewpoint on cryptocurrencies.
What do you think about this openminded stance of the Thai government on Bitcoin and cryptocurrencies? Should we expect regulations in the near future?
Let us know in the comment section below.