BOT:Use of Bitcoin, OneCoin is unsafe

BANGKOK, October 9 (TNA) - The Bank of Thailand (BOT) warns that digital money, either Bitcoin or OneCoin, is unsafe for users as it is not a legal medium of exchange. BOT Governor Dr. Veerathai Santiprabhob told journalists on Monday the central bank has received public complaints for the use of the digital money from time to time. Dr. Veerathai pointed out that low interest rates in Thailand have prompted some people to invest in risk assets with higher returns but no credit rating status, namely the digital money, debt instruments, promissory notes and speculative property, as well as those introduced by credit unions. The BOT governor stressed that people should be careful and thoroughly look into relevant information in details before making any decision on whether they should invest in the risk assets, noting that the central bank has closely monitored updates regarding the risk assets. "Nowadays, there has been no country in the world that has officially recognized the degital money as the legal medium of exchange", said the BOT governor. The BOT governor acknowledged, however, that the central bank has worked together with the Ministry of Finance, the Securities and Exchange Commission of Thailand (SEC) and the Ministry of Agriculture and Cooperatives to oversee public investment in the risk assets and found that public investment in the risk assets has declined, thanks to people's knowledge and understanding more properly in the investment in the risk assets and BOT's practical measures to oversee the public investment in the risk assets more efficiently. (TNA)