BoT warns public about Onecoin currency

BoT warns public about Onecoin currency

The Bank of Thailand has warned people to avoid investing in illegal digital currency called Onecoin, which spreading is in the country, saying it cannot be used as legal tender.

"There have been invitations to invest in an electronic information unit called 'Onecoin', claiming it is a digital currency widely adopted around the world," said the central bank.

"We would like to clarify that Onecoin is not money that can be used for payments under Thai law."

The statement said no country in the world accepts or certifies Onecoin as legal tender that can be used as a medium for legal debt repayment.

Financial regulators in many countries, including the UK's Financial Conduct Authority and Belgium's Financial Services and Markets Authority, have warned their citizens to shun Onecoin. The Fiscal Policy Office's website states Onecoin is under investigation by the Economic Crime Suppression Division.

"The public should beware of owning any digital currency that hasn't been certified as legal tender by authorities," said the central bank statement.

"Alleged digital currencies can be used for fraud, advertising that a financial product provides a high rate of return if users can find other subscribers," said the statement.

More information is available from the central bank's ​Financial Consumer Protection Center or its hotline 1213.

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