Crypto currencies go down, as Thailand demands more regulations

Crypto currencies go down, as Thailand demands more regulations

On Thursday, crypto assets went down, reacting to the Deputy Prime Minister of Thailand Wissanu Krea-ngam’s shocking remark. The statesman called for greater control on crypto assets.

As a matter of fact, on the Bitifinex exchange, Bitcoin headed south by 0.7% demonstrating a result of $6,516.

As for Ethereum, this digital coin slumped by nearly 1.7% being worth $215.53. Litecoin went down by 3.9% trading at $53.607. Besides this, XRP declined by 3.6% trading at $0.51532.

The Bangkok Post informed that Krea-ngam was assured that new measures are urgently required both internationally and domestically to protect consumer security.

On Wednesday, the Thai Revenue Department disclosed its plan to track tax payments by means of the cutting-edge blockchain technology as well as machine learning.

The given technology will be employed to verify the validity of taxes paid and also to accelerate the tax refund process. Moreover, the move would enable the department to spot tax fraud more effectively.

Earlier this year, Thailand came up with a regulatory framework for crypto assets.

Krea-ngam told that in the future the laws should be amended, so that the financial world could better keep up with fast technological changes.

In addition to this, on Tuesday, Poloniex, run by Goldman Sachs-backed startup Circle, told that it would start offering customers the option to purchase Bitcoin cash ABC as well as Bitcoin cash SV tokens.

Apparently, it would appear to be the first exchange to provide such trading services against the backdrop of an everlasting debate over the technology's roadmap, as CoinDesk informed.

The exchange told that they’re doing it to empower clients to show their support for one crypto asset over the other via trading activity. Additionally, Poloniex is going to back trading markets for both tokens right after the hard fork.




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