BOT urges caution on Bitcoin virtual currency

Breaking News March 18, 2014 00:00

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The Bank of Thailand has issued a warning over the digital currency Bitcoin, which cannot be used to repay debts legally in this country despite its popularity worldwide.

The central bank says people should study such virtual units and their volatility risks. They face high fluctuations and have no connection with the real economies. Bitcoin holders risk losing money from rapid drops in value.
There also remains a protection risk to users as virtual currencies are not a recognised medium for payment under Thai law. They can disappear through theft or mismanagement.
“Transfer data is difficult to find as evidence if a user files a lawsuit. It’s different from a bank transfer or payment under public-sector supervision with a monitoring system,” the central bank said.

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