BoT warns against investing in bitcoin

BANGKOK, Dec 25 (TNA) -- The governor of the Bank of Thailand (BoT) voiced his concern over public interest in Bitcoin and warns that the risks was very high and there was a strong possibility of being fooled into investing in pyramid schemes. Veerathai Santiprabhob, the Governor of the Bank of Thailand (BoT) advised the general public against investing in cryptocurrencies or digital currencies such as Bitcoin as they must understand that they are not a recognized currency and is not legally binding form of payment. It is indeed a new form of investment which entails many unacceptable risks such as extremely high volatility, ease of being hacked and the very likely possibility of unwittingly being entangled in corrupt pyramid schemes. He advised local investors to intensively study all the details involved and be especially careful before making any decisions. In any event, Mr Veerathai stated that at present these digital currencies are of little concern as they have little or no direct impact on the country's financial system. With regards to rumors that the Securities and Exchange Commission of Thailand was studying the possibility of introducing Initial Coin Offering (ICO) - a form of crowdfunding centered around cryptocurrencies; Mr Veerathai stated that this was new development in the country and as such a great deal of care must be exercised as there are many risky factors that must considered in order to make an informed decision. (TNA)