The Bank of Thailand defended the cryptocurrency after bitcoin is a Scam at $24 million

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After the recent major scams with bitcoin, which received wide publicity in the local media, the Bank of Thailand defended the cryptocurrency. The regulator explained that the scheme of deception is not directly related to digital assets.

As previously reported, Thai police arrested a group of suspects that they have lured investors from Finland $24 million in bitcoins under the guise of investment in a promising company. Among the detainees was the popular film series.

The Governor of the Central Bank of Thailand Virati Santiprabhob (Veerathai Santiprabhob) noted that a fraud scheme did not depend on the use of cryptocurrency and we are talking about the General abuse of funds.

“The money is used for other purposes. It’s not a Scam, which happened during the cryptocurrency trade,” — said the head of the Central Bank of Thailand.

However, he said that investing in cryptocurrencies are extremely risky due to price volatility. The Governor added that investors should be aware of these risks and to invest only the amount that you can afford to lose.

We will remind that in may in Thailand entered into force the law on the regulation of cryptocurrencies. The country legalized the use of seven digital asset: Bitcoin, Ethereum, Bitcoin, Cash, Classic, Ethereum, Litecoin, Ripple and Stellar. The Commission on securities and exchange Commission (SEC) of Thailand granted a temporary permit on the work of the seven local cryptocurrency companies.

The Bank of Thailand after the law overturned its previous circular that forbade supervised banks and companies of financial activity related to cryptocurrency, but left for them in this area serious limitations.

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