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Anusorn Thammajai, the former Bank of Thailand (BOT) Director warns that the cryptocurrency market could come down on its knees in just a couple of months from now. As reported by the Nation on Sunday, the ex-central bank director noted that although the first wave of the crypto bubble has already passed leading to a devaluation of cryptocurrencies by 40%, the bubble is not over:
“A cryptocurrency bubble will emerge at the end of March when liquidity in the financial market drops due to moves by central banks to taper quantitative easing and raise interest rates.”
He noted that the first wave of the crypto bubble has already passed and many cryptocurrencies lost more than 40% in value this year.
Thammajai acknowledged that cryptocurrency helps create a financial ecosystem in the new digital economy, but that it nevertheless carries risks to financial systems. The second quarter of the year, he continued, is one that requires extreme caution for those holding risky assets.
Thailand has recently eased crypto taxation rules, removing a 15% planned withholding tax. The country’s policy makers and regulators last month announced to work on cryptocurrency regulation for it to be used in payments.
Commenting on the developments in his country, Thammajai agrees with the plans to tighten regulations, noting that cryptocurrencies have been utilized for money laundering purposes.