Central Bank of Thailand Warns Using Cryptocurrencies for Payments is Very Risky

It is quite obvious that with the passage of time cryptocurrency industry is able to gain all over the world a lot of attention. The type of attention countries towards cryptocurrencies have varies from a positive approach, neutral approach, and then with a negative approach throughout the world.

Countries such as Venezuela, El Salvador, Cuba, and Brazil have a positive approach towards cryptocurrencies. The United States, Japan, South Korea, and the Netherlands have a neutral approach.

The United Kingdom, India, Turkey, and Nigeria are the countries that have a negative approach to cryptocurrencies. They have put a ban on the cryptocurrency industry for good despite it had growth in those countries.

Irrespective of the kind of approaches different countries have, there is a major concern when they think about cryptocurrencies. Money laundering is a particular concern and a growing problem experienced all over the world.

The regulatory authorities share a wider picture whereas many people think that corrupt politicians and businessmen for sending their money overseas, the most favorite method used by them is money laundering. The criminals and terrorist groups for funding their organizations in other parts of the world use cryptocurrencies through money laundering.

Cryptocurrencies are considered to be a more convenient way while doing money laundering. This way the chances of tracing them are impossible as they are decentralized.

All over the world, warnings are being sent to citizens by their respective countries stressing the fact of money laundering by criminals. Recently, warnings are issued by Thailand to entities dealing in cryptocurrencies, to its financial service-providing institutions, and local investors.

Reports say the Central Bank of Thailand (BOT) has issued a warning with regard to the utility of cryptocurrencies which has been increasing in the country. The Thai regulator has warned that it will be forced to take regulatory action if this practice does not stop a bit and if it becomes an alarming number.

The public and institutions in Thailand have been reminded by the Bank of Thailand that it is prohibited in the country the usage of cryptocurrencies for settlements.

In the country the cryptocurrencies as a mode of payment for services and goods, without any exception, no one is allowed to use them.

In case usage of cryptocurrencies for the acquisition of services/goods does not stop, the BOT will put in place the regulatory measures, the BOT announced. It will crack down on such entities in collaboration with regulatory agencies including the Securities and Exchange Commission of Thailand.