After China, now Thailand has dropped crypto currency!

New news is coming every day for the cryptocurrency market. Sometimes a country takes steps to move forward with it, then someone bans this digital currency. After China, now Thailand has also decided to ban many cryptocurrencies. Thailand is the second country in Asia to do so after China, which has taken this step. The Thai Securities and Exchange Commission (SEC) has banned the trading of highly speculative cryptocurrencies and non-fungible tokens (NFTs). This also includes the meme based cryptocurrency DodgeCoin. The ban said the purpose of the ban is to protect merchants from tokens that “have no clear purpose or object” and whose prices are influenced by social media trends and influencers online. The ban also includes “fan tokens” that operate on the popularity of the celebrities they are influenced by.

However, Thai citizens are free to trade these utility tokens and digital coins. But the tightening of regulations on cryptocurrencies is intended to make it difficult for exchanges dealing in these assets within Thailand and to secure the country’s financial system.

The SEC said in a statement that the exchanges handling these trades are required to comply with the amended rules within 30 days of the issuance of the notification (June 11). The SEC notification prohibited exchanges from providing services related to utility tokens or cryptocurrencies that belong to any of the following classes – MIM tokens, FAN tokens, NFT or non-fungible tokens, and digital tokens that can be used in blockchain transactions. are used and issued by a digital asset exchange or person concerned.

Some of the major crypto coins like Bitcoin and Dogecoin have shown extreme volatility over the past weeks. After touching the highest level initially, these coins then started diving at the lowest prices. This volatility was mainly attributed to Chinese crackdown on trading these digital assets and controversial or negative tweets from tech billionaires like Elon Musk. Musk suddenly reversed the decision of his company Tesla to accept payments in Bitcoin. As of writing the news on June 17 at 10 am (IST), the price of bitcoin in India was Rs 28.67 lakh. At the same time, the price of Dodgecoin in India was Rs 23.11.

A few days ago, Elon Musk made a statement about bitcoin that its mining is causing a lot of damage to the environment. Then came Musk’s statement that he was in talks with the developers of DodgeCoin about mining it to find an energy efficient way to trade it. But since then he has not given any update about it.

Tesla CEO Elon Musk’s tweets have been creating confusion in the minds of investors since the beginning. Many times he has been asked by investors to refrain from tweeting on this matter. Investors blamed Elon Musk for the huge drop in the crypto market last month.

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