Ousting Thai’s unwise cryptocurrency investment leads to the country’s economic stability

Ousting Thai’s unwise cryptocurrency investment leads to the country’s economic stability

ECONOMY/BUSINESS| Feb. 16, 2021 | WOZINGA NEWS

Ousting Thai’s unwise cryptocurrency investment leads to the country’s economic stability

  • Suppakrit Boonsat (President of Thai Digital Asset Association) promotes ‘wise cryptocurrency investment.’
  • Thai local digital exchange regulators will lay strong cryptocurrency laws to protect their local traders.

By Marielle Petere Wozinga Journalist

Thai's royal decree vs cryptocurrencies

Suppakrit Boonsat (President of Thai Digital Asset Association) promotes ‘wise cryptocurrency investment.’ He encourages Thailand’s Security and Exchange Commission, Ruenvadee Suwanmongko, to guide the investors to become independently clever in dealing with crypto trading.

In 2018, the Thailand government legalized the operation of cryptocurrency. Seven cryptocurrencies have been operating in the capital market: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Stellar, and Ripple. The regulators have been continually approving the legalization of other cryptocurrency service providers.

Thai's royal decree

Considering that the trend of investing in digital exchange has dramatically increased in the country; then, Arkhom Termpittayapaisith (Financial Minister of Thailand) expresses that this trend becomes alarming for the possible instability of the capital market.

Under the Royal Decree on the Digital Asset Businesses B.E. 2561 (regulation for the crypto sector), Thai local digital exchange regulators will lay strong cryptocurrency laws to protect their local traders.

Thus, Arkhom Termpittayapaisith said that the Security and Exchange Commission (SEC) must set a public hearing. The implementation of the qualification of cryptocurrency traders must proceed. SEC Ruenvadee Suwanmongkol emphasizes the importance of having appropriate financial knowledge, experience, and status.

The Thailand government can assure the stability of its economy. Escalating cryptocurrency investment in Thailand alarms the government.

Do you agree with Thailand's move for economic stability?

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