BoT warns pub­lic about Onecoin cur­rency

Bangkok Post - - BUSINESS - PAWEE SIRIMAI

The Bank of Thai­land has warned people to avoid in­vest­ing in il­le­gal dig­i­tal cur­rency called Onecoin, which spread­ing is in the coun­try, saying it can­not be used as le­gal ten­der.

“There have been in­vi­ta­tions to in­vest in an elec­tronic in­for­ma­tion unit called ‘Onecoin’, claim­ing it is a dig­i­tal cur­rency widely adopted around the world,” said the cen­tral bank.

“We would like to clar­ify that Onecoin is not money that can be used for pay­ments un­der Thai law.”

The state­ment said no coun­try in the world ac­cepts or cer­ti­fies Onecoin as le­gal ten­der that can be used as a medium for le­gal debt re­pay­ment.

Fi­nan­cial reg­u­la­tors in many coun­tries, in­clud­ing the UK’s Fi­nan­cial Con­duct Author­ity and Bel­gium’s Fi­nan­cial Ser­vices and Mar­kets Author­ity, have warned their cit­i­zens to shun Onecoin. The Fis­cal Pol­icy Of­fice’s web­site states Onecoin is un­der in­ves­ti­ga­tion by the Eco­nomic Crime Sup­pres­sion Divi­sion.

“The pub­lic should be­ware of own­ing any dig­i­tal cur­rency that hasn’t been cer­ti­fied as le­gal ten­der by author­i­ties,” said the cen­tral bank state­ment.

“Al­leged dig­i­tal cur­ren­cies can be used for fraud, ad­ver­tis­ing that a fi­nan­cial prod­uct pro­vides a high rate of re­turn if users can find other sub­scribers,” said the state­ment.

More in­for­ma­tion is avail­able from the cen­tral bank’s Fi­nan­cial Con­sumer Pro­tec­tion Cen­ter or its hot­line 1213.

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