Former Bank of Thailand (BOT) Director Anusorn Thammajai is said to have predicted that the cryptocurrency market will implode in the next few months. He stated that the initial wave of the crypto bubble has already passed and that several cryptocurrencies have lost more than 40% of their value this year.
While bitcoin helps to develop a financial ecosystem in the digital economy, it also poses hazards to the financial systems. He informed investors who own hazardous assets to remain cautious in the second quarter of this year.
Related: Thailand people tops in Bitcoin adoption: Statistics
Meanwhile, Thailand recently amended crypto tax regulations, cancelling the scheduled 15% withholding tax. The Bank of Thailand, the Thai Securities and Exchange Commission, and the country’s finance ministry declared in January that bitcoin would be regulated as a payment method.
Thammajai also stated that he supports the Thai government’s efforts to tax cryptocurrency transactions and strengthen cryptocurrency regulation. He emphasised that illegal enterprises have been using cryptocurrencies for money laundering and other illegal funding.
