Since the evolution of the cryptocurrencies, the issue of cryptocurrency scams and more have been increasing. With the increase in the frauds in the cryptocurrency industry, the administrations of almost every country including Thailand have been looking for a way to control them. Where some countries are issuing a ban on the cryptocurrencies there, some of the countries are regulating the field of crypto. Among those countries who are finding a way to control the cryptocurrency is Thailand. With so many steps to regulate cryptocurrency and blockchain, the country has now come up with the plan of creating a government-owned digital wallet.
Why is Thailand planning on Launching a Government-Owned Crypto-wallet?
Well! Since the number of cases of scams and frauds is continuously increasing, all the countries are worried sick. To control this industry, recently, Thailand’s Anti-Maney Laundering Office (AMLO) came up with the plan of creating their own digital wallet. As per their announcement, they have planned this wallet with the motto of investigating the cryptocurrency related crime.
This proposal by the AMLO, Thailand was discussed at a local seminar on cryptocurrency crime within the current legal system. As per the secretory AMLO, Witthaya Neetitham, adapting into this new technology will enable them to confiscate the frauds that are going on in the industry of cryptocurrency.
To the press, Secretary, AMLO said and we quote –
“We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,”
While he was talking about their plan he also reflected on how they are unable to reach to the existing digital wallets who have been allegedly participating in digital frauds and scams. Not only this, he also mentioned that there is a good chance that despite all these efforts, they might still find it very challenging to track down the frauds in the domain who are operating outside the existing licensing system.
The increasing cases of cyber crimes in regards to cryptocurrency have been continuously increasing and are bothering all the countries. Thailand’s AMLO has come up with one idea of getting a hold on it. Let us hope they be successful.