Thai Finance Secretary: Blockchain Is Beneficial But People Should Know Risks

[Cordillerabit]

According to Sujjapongse, a working committee on cryptocurrencies, formed by the Bank of Thailand, the SEC, the Ministry of Finance, and the Anti-Money Laundering office, will soon release a report on how to move forward with crypto regulation.

In reference to the future of regulating crypto market investing, Sujjapongse said,

“Allowing Bitcoin transactions to be made without warnings and direction from regulators is not acceptable.”

With the recent volatility in the crypto markets, Sujjapongse sees a need for urgency in Thailand to come to a conclusion about regulating cryptocurrencies. However, the permanent secretary makes the distinction between regulation of Bitcoin (BTC) and of Blockchain technology:

“It is not correct to consider Blockchain harmful if we do not prefer Bitcoin, as Blockchain technology can create benefits. We can reap benefits from using Blockchain technology."

Several banks in Thailand have already begun looking into Blockchain-based technologies for their financial services.

https://cointelegraph.com/news/thai-finance-secretary-blockchain-is-beneficial-but-people-should-know-risks