BoT warns against Bitcoin risks, possible money laundering

BANGKOK, Dec 20 – The Bank of Thailand (BoT) warned that Bitcoin is not a legal currency and the Anti-Money Laundering Office (AMLO) should prevent its abuse for money laundering. BoT governor Veerathai Santiprabhob said cryptocurrency including Bitcoin were not legal tender currency. They are for investment like that in commodities such as gold and oil. Investors had to be careful with digital currencies because they carried high risks and fluctuations. Central banks worldwide including the BoT had not certified a digital currency, Mr Veerathai said. Bitcoin exchange centres had been either hacked or closed and many people who did not understand digital currencies were lured into Ponzi schemes in disguise of claimed new and high profitable financial instruments, he said. He also said that AMLO and other concerned organisations should be encouraged to protect general people and prevent money-laundering through digital currencies. Digital currencies had not been widely used in Thailand in the way that could affect its economic stability, Mr Veerathai said. (TNA)