Finance Minister warns against digital currencies

BANGKOK, Dec 15 (TNA) -- Finance Minister Apisak Tantivorawong warns people not to invest in a digital currency because it has not been legalized in Thailand. The minister said that a digital currency like Bitcoin drew worldwide attention but it was not an actual currency and was fluctuating. As digital currencies were not legalized in Thailand, any damaged investors would not be protected, he said. He pointed out that investment in Bitcoin was inspired with speculation as the value of normal products would not fluctuate by 10% in a short period. Mr Apisak said that investment in Bitcoin was not made in Thailand as local investors did it through foreign brokers. However, he ordered the Bank of Thailand to study its impacts. If many people invested in it, it might have negative impacts on the overall economy, the minister said. He said that some countries including Singapore were trying digital currencies but it was not public and liquidation was clearly set. “I warn people not to invest in digital currencies like Bitcoin because they have gambling nature. There is not a Thai law to recognise the investment. Investors should choose the products that they clearly know about,” Mr Apisak said. (TNA)