Thai PM Warns Investors Entering Crypto As Interest In Digital Assets Soar – Bitcoin News

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The Thai prime minister has cautioned investors entering cryptocurrencies, noting that they are volatile and highly speculative. Recently, interest in cryptocurrencies has skyrocketed as young investors across the country have discovered that they can make money quickly by investing in cryptocurrencies.

Thai prime minister warns against crypto investments

Ratchada Thanadirek, deputy spokesperson for the Thai prime minister’s office, said on Saturday that Prime Minister Prayuth Chan-ocha was concerned about people investing in cryptocurrencies, especially young investors.

The warning came as the prime minister learned that Thais entering the workforce have flocked to invest in cryptocurrencies due to their spectacular returns over a short period of time.

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

He also urged parents to be careful when opening trading accounts for their children, stressing that investment by minors should be closely supervised.

In addition, the Prime Minister urged investors to understand the risks of investing and to be able to accept any losses. They should research and carefully consider investments before making a decision. Most importantly, they shouldn’t be fooled by the hype and should select a service provider licensed by the country’s Securities and Exchange Commission (SEC).

Ratchada said: “The Prime Minister is happy that the new generation is interested in investing. But all investments are risky. She clarified:

Young people of the new generation, including parents, are encouraged to study the data and learn before investing every time to understand the risk characteristics of investments.

“Assess yourself if you can accept the risks that may arise, including verifying that the service provider is legitimate. Don’t be fooled by corporate ads to invest in digital assets, ”she added.

Currently, data from the Thai SEC shows that there are 1.49 million digital asset trading accounts, of which 311,000 are active accounts, with an average daily trading value of 6.6 billion baht (198 millions of dollars). About 3% of traders are young people under 20 and around 47% are under 30.

At the same time, the number of investment services firms has also grown rapidly, some of which are unlicensed to operate in the country. The Prime Minister further cautioned the public as well as crypto investors to be cautious 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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