Prime Minister of Thailand warns investors to enter cryptocurrency due to soaring interest in digital assets – Regulate Bitcoin News

The Prime Minister of Thailand warned investors to enter cryptocurrencies, pointing out that cryptocurrencies are highly volatile and highly speculative. Recently, as young investors in the country discovered that they can make money quickly by investing in cryptocurrencies, interest in cryptocurrencies has soared.

Prime Minister of Thailand warns of cryptocurrency investment

Thai Prime Minister’s Office Deputy Spokesperson Ratchada Thanadirek said on Saturday that Thai Prime Minister Prayuth Chan-ocha is worried about people investing in cryptocurrencies, especially young investors.

When the warning was issued, the Prime Minister learned that Thailand’s entry into the labor market flocked to invest in cryptocurrencies due to substantial returns in a short period of time.

However, the Prime Minister urged investors to consider the risks of investing in this asset class. He pointed out that cryptocurrencies have no supporting fundamentals, they are highly speculative and volatile.

He also asked parents to be cautious when opening trading accounts for their children, emphasizing that the investments of minors must be closely monitored.

In addition, the Prime Minister urged investors to understand investment risks and be able to accept all losses. Before making a decision, they should do some research and carefully consider the investment. Most importantly, they should not be fooled by hype and must choose a service provider licensed by the country’s Securities and Exchange Commission (SEC).

Ratchada said: “The Prime Minister is very happy that the new generation is interested in investment. But all investments are risky.” She elaborated:

Encourage the new generation of young people, including their parents, to learn data, study, and understand the risk characteristics of investment every time before investing.

“Assess whether you can accept the risks that may arise, including checking whether the service provider is legal. Don’t be fooled by any company’s advertising that invests in digital assets,” she added.

Currently, data from Thailand’s SEC shows that there are 1.49 million digital asset trading accounts, of which 311,000 are active accounts, with an average daily transaction volume of 6.6 billion baht (198 million US dollars). Approximately 3% of traders are young people under the age of 20, and approximately 47% of traders are under 30.

At the same time, the number of investment service companies is also growing rapidly, some of which do not have a license to operate in the country. The Prime Minister further warned the public and cryptocurrency investors to be careful when using unlicensed services, as they are not protected by law.

What do you think of the Thai Prime Minister’s warning? Let us know in the comments section below.

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