Thai Prime Minister Warns Investors Against Entering Cryptocurrencies as Interest in Digital Assets Grows – Bitcoin News Regulatory – News Couple

Thai Prime Minister Warns Investors Against Entering Cryptocurrencies as Interest in Digital Assets Grows – Bitcoin News Regulatory

The Prime Minister of Thailand warned investors not to get into cryptocurrencies, noting that they are too volatile and speculative. Recently, interest in cryptocurrencies has risen as young investors in the country discover that they can make money quickly by investing in cryptocurrencies.

Thai PM warns against investing in cryptocurrencies

Ratchada Thandirik, deputy spokeswoman for the Thai Prime Minister’s Office, said on Saturday that Prime Minister Prayut Chan-ocha is concerned about people investing in cryptocurrencies, especially young investors.

The warning came as the prime minister learned that Thais entering the workforce have flocked to invest in cryptocurrencies due to their impressive returns in a short period of time.

However, the Prime Minister urged investors to consider the risks of investing in this asset class. He noted that cryptocurrencies have no supporting fundamentals, are highly speculative and highly volatile.

He also asked parents to be careful when opening trading accounts for their children, stressing that investment by minors should be closely supervised.

Moreover, the Prime Minister urged investors to understand the risks of investing and be able to accept all losses. They should do some research and consider investments carefully before making a decision. Most importantly, they should not be fooled by the hype and they should choose a service provider that is licensed by the Securities and Exchange Commission (SEC) in the country.

“The prime minister is happy that the new generation is interested in investing,” Ratchada said. But all investments are risky.” She explained:

Young people of the new generation, including parents, are encouraged to study the data and learn before investing each time to understand the risk characteristics of investments.

“Assess yourself whether you can accept the risks that may arise, including checking the legitimacy of the service provider. Don’t be fooled by any company’s advertisements for investing in digital assets,” she added.

Currently, data from the Thai SEC shows that there are 1.49 million digital asset trading accounts, of which 311,000 are active accounts, with an average daily trading value of 6.6 billion baht ($198 million). Nearly 3% of merchants are young people under the age of 20 and about 47% are under the age of 30.

Meanwhile, the number of investment service companies has also grown rapidly, and some of them do not have a license to operate in the country. The Prime Minister also warned the public as well as cryptocurrency investors to be careful when using unlicensed services as they are not protected by law.

What do you think of the Thai Prime Minister’s warning? Let us know in the comments section below.

photo credits: Shutterstock, Pixabay, Wikicommons

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