The Thai government is building a new monitoring system to reduce risks such as bitcoin (BTC) and improve investor protection.

Governor Sethaput Suthiwartnarueput said in an interview with the Bangkok Post on December 14 that the Bank of Thailand (BoT) had issued an advisory letter in January explaining the “red line” of the cryptocurrency industry.

“We want to ensure a good balance between allowing financial innovation and risk management,” the official said. Sidapot said the new rules would provide adequate protection to consumers because they now “do not value the risk.”

The central bank is working with the Thai Securities and Exchange Commission and the cryptocurrency industry to clarify specific penalties for the Ministry of Finance. Sethaput, for example, points out that “cryptocurrency cannot be a source of income.”

The governor stressed that although local officials recognize digital assets as a product of investment, a very volatile financial system is at stake. He added that the government would also take appropriate steps to ensure financial security.

Related: Thai MPs insist on approaching Crypto tour to attract digital immigrants

Thailand plans to introduce new rules for cryptocurrency to accept local cryptocurrencies. According to the report, the sales of local licensed exchanges with 7 licenses increased from 221 billion baht ($ 6.6 billion) in January to 18 billion baht ($ 538 billion). Million) a year ago.

In early December, the Bank of Thailand warned banks against “direct participation” in cryptocurrency trading under the pretext of volatility and potential risk.

Source: CoinTelegraph