Measures to oversee digital money in Thailand coming soon

BANGKOK, February 19 (TNA) - The Thai Ministry of Finance will introduce measures to oversee digital money in the country by the end of this month. Pornchai Thiravej, an advisor for financial economy of the ministry's Fiscal Policy Office (FPO), told journalists of the update on February 18, noting that the measures will be based on three bills, including those on financial payments and bank loans under the supervision of the Bank of Thailand (BOT), as well as on securities under the supervision of the Thai Securities and Exchange Commission (SEC). Pornchai explained that the three bills are under the authority of the Thai finance minister and any amendment of the bills needs to seek an approval of the Thai Cabinet, proposed by the Ministry of Finance. Pornchai stressed that the Thai Ministry of Finance will work together with other relevant parties in an attempt to protect digital money traders and investors from financial risks and damages. "An official task force in charge of working out measures to oversee and regulate digital money trading and investment, comprising of the Thai Ministry of Finance, BOT, SEC and the Office of the National Anti-Corruption Commission (ONACC), wants to warn people and investors that there has been no Thai legislation to protect them from digital money trading and investment yet, neither has any official agency to take responsibility if there is any damage caused to traders or investors of the cryptocurrency", said the senior official. (TNA)