• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Thai Prime Minister Cautions Investors Against Cryptocurrencies And Digital Assets

October 25, 2021
in Crypto News
Reading Time: 3 mins read
A A
0
Thai Prime Minister Cautions Investors Against Cryptocurrencies And Digital Assets
0
SHARES
4
VIEWS
ShareShareShareShareShare

Noting that cryptocurrencies are highly volatile and speculative, Thailand’s Prime Minister Prayuth Chan-ocha, has cautioned investors about investing in cryptocurrencies, urging them to be cautious with their investments. 

Soaring Interest In Cryptocurrencies 

The Prime Minister’s office made the statement amidst growing concern about the number of young people investing in cryptocurrencies, with investors hoping to get rich quickly. Deputy Spokeswoman for the Thai Prime Minister’s Office, Ratchada Thanadirek, revealed the growing concern from the Prime Minister. 

The warning comes shortly after individuals in the Thai workforce have flocked to cryptocurrencies, thanks to their stunning returns in a short amount of time. 

Not Considering The Risks 

The prime minister urged investors to exercise caution when investing in cryptocurrencies, pointing out to their high volatility and speculative nature while also drawing attention to the fact that they do not have any supporting fundamentals. 

He also urged investors to understand the risks involved when investing in cryptocurrencies and be thorough in their research before deciding which cryptocurrency they will be investing in. He also advised investors to invest with a service provider that has been licensed by Thailand’s Security and Exchange Commission (SEC). 

“The prime minister is glad that the new generation is interested in investing. But all investments are risky. Young people of the new generation, including parents, are encouraged to study data and learn before investing every time to understand the risk characteristics of the investments…Assess yourself whether you can accept the risks that may arise, including checking that the service provider is legit. Don’t be fooled by advertisements by any companies to invest in digital assets.”

Rapid Growth In Investors And Investment Services 

Data from Thailand’s Security and Exchange Commission (SEC) shows that at present, there are 1.49 million digital trading accounts. Out of these, over 311,000 accounts are active accounts that have an average daily trading volume of 6.6 billion baht, or around $198 million. 3% of traders are under the age of 20, while 47% of the traders are under the age of 30. 

Investment firms have also seen a surge in growth, with several of these firms not having a license to operate in the country, which is what prompted the Prime Minister’s appeal. Using unlicensed services would mean that investors are not protected by law.

Thai Tourism Authority Considering Utility Token

Thailand’s Tourism Authority (TAT) has revealed that it is considering launching a utility token, the TAT coin, to attract cryptocurrency holders and investors to the country. The TAT coin would act as a digital medium enabling the easy transfer of vouchers while also allowing operators in the tourism space to access more liquidity.

The TAT coin is still under consideration, with the Tourism Authority having to consider the necessary regulations before launching the token. Under the initial concept, the TAT coin is not being looked at as a trading mechanism.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Capital One Arena’s Caesars Sportsbook creates a ‘365-day destination’

Next Post

Motor racing-Perez endures ‘toughest race’ without water in Texas heat

Related Posts

Bored Ape Yacht Club Founder Criticizes Campaign That Says The BAYC Has Nazi Symbolism
Crypto News

Bored Ape Yacht Club Founder Criticizes Campaign That Says The BAYC Has Nazi Symbolism

June 25, 2022
1
Choise.com Announces CHO’s First CEX Listing on LBank
Crypto News

Choise.com Announces CHO’s First CEX Listing on LBank

June 25, 2022
5
XRP price surges 14%
Crypto News

XRP price surges 14%

June 24, 2022
4
Binance joins hands with football superstar Cristiano Ronaldo for NFTs
Crypto News

Binance joins hands with football superstar Cristiano Ronaldo for NFTs

June 24, 2022
5
Binance Announces $1 Billion Fund to Propel Binance Smart Chain Ecosystem
Crypto News

Binance Launches VIP and Institution-focused Platform

June 24, 2022
7
Next Post
Canada’s Aurora Cannabis to shut down a facility in Edmonton

Motor racing-Perez endures 'toughest race' without water in Texas heat

Recommended

Turkey drafts new bills to increase regulatory oversight of crypto

Turkey drafts new bills to increase regulatory oversight of crypto

May 27, 2022
8
BTC/USD Bears Continue to Attack: Sally Ho’s Technical Analysis 29 May 2022 BTC

BTC/USD Bears Continue to Attack: Sally Ho’s Technical Analysis 29 May 2022 BTC

May 29, 2022
6
Port of Barcelona Outlines its Innovation Plan

Jacksonville Harbor Deepening Project Complete Through JAXPORT’s Blount Island Marine Terminal

June 3, 2022
3
Analysts Say These 2 Beaten-Down Stocks Are Oversold

Analysts Say These 2 Beaten-Down Stocks Are Oversold

May 31, 2022
7
Bitcoin Cash to trend below $100 as weakness in crypto bites

Bitcoin Cash to trend below $100 as weakness in crypto bites

June 20, 2022
5
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Bored Ape Yacht Club Founder Criticizes Campaign That Says The BAYC Has Nazi Symbolism
  • Singapore’s changed stance on crypto
  • Feld Entertainment CEO: We’re ‘reimagining’ the circus

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?