Thailand’s Prime Minister issues a cautionary warning to investors

Thailand’s prime minister has warned investors against investing in cryptocurrencies, stating that they are very volatile and speculative. Interest in cryptocurrencies has recently risen as young investors in the nation learned that investing in cryptocurrencies allowed them to gain money rapidly.

Thailand’s prime minister Warns About Crypto Investing

Prime Minister Prayuth Chan-Ocha, according to Ratchada Thanadirek, deputy spokesperson for the Thai Prime Minister’s Office, is concerned about individuals investing in cryptocurrencies, particularly young ones.

The prime minister issued the warning after learning that Thai workers are flocking to invest in cryptocurrency because of the high profits in a short period of time.

The prime minister, on the other hand, cautioned investors to weigh the dangers of investing in this asset class. He pointed out that cryptocurrencies have no foundations, are highly speculative, and are extremely volatile.

He also advised parents to exercise caution when setting trading accounts for their children, noting that minors should be properly supervised when investing.

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He also advised parents to exercise caution when setting trading accounts for their children, noting that minors should be properly supervised when investing.

In addition, the prime minister advised investors to be aware of the dangers involved in investing and to be willing to take any losses. Before making a choice, they should conduct some studies and thoroughly analyze their options. Most importantly, customers should not be duped by marketing hype and should choose a service provider who is registered with the Securities and Exchange Commission of the nation (SEC).

“Assess if you can tolerate the hazards that may emerge, including verifying the legitimacy of the service provider.” “Don’t be deceived by any company’s marketing encouraging you to invest in digital assets,” she said.

According to the Thai Securities and Exchange Commission, there are currently 1.49 million digital asset trading accounts, 311,000 of which are active, with an average daily trading value of 6.6 billion baht ($198 million). Approximately 3% of traders are under the age of 20, while approximately 47% are under the age of 30.

Meanwhile, the number of investment services organizations has exploded, with some of them operating without a license in the nation. The prime minister also cautioned the general public and crypto investors to be cautious while utilizing unregistered services since they are not protected by legislation.