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Thailand’s prime minister Prayut Chan-o-cha warned investors about cryptocurrencies’ volatility and high speculativity upon learning that young Thais are trying to quickly make money from it.
Chan-o-cha noted that cryptocurrencies have no supporting fundamentals.
He also asked parents to closely supervise their children's investment activities and to be cautious when opening trading accounts for them.
The Thai PM also urged investors to do some research and be careful in making investment decisions.
He added that they should be wary about the hype and select a Securities and Exchange Commission (SEC)-licensed service provider.
There are 1.49 million digital asset trading accounts in Thailand, 311,000 of which are active, with an average daily trading value of $198 million.
Approximately 3 percent of traders are below 20 years of age and about 47 percent under 30.
