The adoption of the crypto industry is soaring every day as youngsters are interested in cryptocurrencies. There have been many regulations on digital assets and crackdown of cryptocurrencies but still, the market hasn’t fallen down. Despite the fact that some nations have banned cryptocurrencies and issued warnings to investors, the crypto industry continues to develop at an incredible rate.
In such a case, Thailand’s Prime Minister has issued a warning to investors, stating that cryptocurrencies are volatile and risky. Significantly, the young investors of the country are showing more interest in cryptocurrencies, having found a way for a quick return on investment.
Prime Minister Urges Investors To Consider Warning
As people are investing in cryptocurrencies in flocks, the Prime Minister of Thailand is worried about the risks. The deputy spokeswoman for the Thai Prime Minister’s Office, Ratchada Thanadirek stated that the Prime Minister, Prayuth Chan-Ocha is concerned about the young investors. He is mainly concerned about the young investors who invest in cryptocurrencies.
Consequently, Thai’s Prime Minister has mentioned that people are falling for crypto-assets as they produce profit quickly. But the prime minister urges investors to consider the warning as the crypto industry is spectacular in return on investment. Notably, he points out that cryptocurrencies have no supporting fundamentals and are highly volatile.
Moreover, he states that investors should do research before investing and should also accept in terms of loss. He majorly urges early investors not to get fooled by the hype of the crypto market. They should choose the service provider which is licensed by the country’s Securities and Exchange Commission. Adding to this, Ratchada elaborated regarding the saying of Prime Minister:
“Young people of the new generation, including parents, are encouraged to research data and learn before investing in order to fully comprehend the risk characteristics of the investments.”
50% Of The Investors Are Youngsters
Consequently, she concluded with the warning that investors should be very careful in terms of investments. She states that people should not get fooled and should research whether the service provider is licensed. According to the Thai Securities and Exchange Commission, there are currently 1.49 million digital asset trading accounts. In which, 311,000 are active accounts, with an average daily trading value of 6.6 billion baht ($198 million). Roughly 3% of traders are under the age of 20, while about 47% are under the age of 30.
The prime minister advises that as the number of crypto service providers grows, it is important to check and research the service providers. In truth, several service providers lack the necessary licenses to operate in the country. As a result, he advises investors to check whether they are licensed and protected by law.