A former Financial institution of Thailand director has warned about an imminent crypto crash. “A cryptocurrency bubble will emerge on the finish of March when liquidity within the monetary market drops,” he reportedly predicted.
Former Central Financial institution Director Warns Crypto Market Will Quickly Crash
Former Financial institution of Thailand (BOT) Director Anusorn Thammajai reportedly warned that the cryptocurrency market will crash in a few months, the Nation reported Sunday. The ex-central financial institution director cautioned:
A cryptocurrency bubble will emerge on the finish of March when liquidity within the monetary market drops as a consequence of strikes by central banks to taper quantitative easing and lift rates of interest.
He famous that the primary wave of the crypto bubble has already handed and lots of cryptocurrencies misplaced greater than 40% in worth this yr.
The previous Financial institution of Thailand director added that whereas cryptocurrency helps create a monetary ecosystem within the digital financial system, it additionally poses dangers to monetary methods. He additional warned buyers who maintain dangerous property to be additional cautious within the second quarter this yr.
As well as, Thammajai pressured that he helps the Thai authorities’s plans to tax crypto transactions and tighten the regulation of cryptocurrencies. He famous that unlawful companies have been using cryptocurrency for cash laundering and different illicit financing functions.
In the meantime, Thailand lately relaxed crypto tax guidelines, scrapping the 15% deliberate withholding tax. Final month, the Financial institution of Thailand, the Thai Securities and Alternate Fee, and the nation’s finance ministry announced that cryptocurrency might be regulated as a way of cost.
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