Search Results for: currency
- Economy News
Baht-boom: Thailand’s currency surge leaves tourism, exports short
Thailand’s baht is rocketing towards its biggest quarterly rise since the Asian financial crisis, a development that has key tourism and export industries clutching their pearls. Since the end of June, the baht has surged 10% against the dollar, its most significant gain since early 1998. This sudden leap has prompted frantic appeals from the tourism, hotel sectors, and business…
- Thailand News
British cryptocurrency trader assaulted and robbed in Bangkok
Five foreign nationals have been arrested for allegedly robbing and assaulting a British cryptocurrency trader in Bangkok, tying him up and inflicting serious injuries. The suspects deny the charges and have requested to give their testimony in court. Police Colonel Wachirakorn Wongboon from Khlong Tan Police Station yesterday, July 14, led a team to apprehend five suspects involved in the…
- Business News
Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
- Business News
Thai baht leads Asian currency declines amid holiday trade
Emerging Asian currencies experienced declines in holiday-thinned trade today, with the Thai baht leading the fall as the US dollar remained firm and Chinese economic data highlighted an uneven recovery trajectory. Markets were notably quiet across Asia due to closures in Singapore, Malaysia, Indonesia, the Philippines, and India. The Thai baht declined by up to 0.5%, influenced by weaker gold…
- Business News
How Cryptocurrency is changing consumer behaviour in Thailand
Cryptocurrencies like bitcoin or similar have played a significant role in the global economy in recent times, and Thailand is just one of the countries where these changes are taking place. Since the country has a young population, and this population is actually tech-savvy, it didn’t take long for cryptocurrencies to be adopted. While the popularisation of cryptocurrencies in Thailand…
- Thailand News
Thai police bust major cryptocurrency mining operation
Thai police apprehended multiple individuals and confiscated over 650 cryptocurrency mining devices valued at over 200 million baht in Samut Sakhon and Ratchaburi, following an investigation into suspected electricity theft. The high-profile crackdown involved officers from the Cyber Crime Investigation Bureau (CCIB) and Provincial Electricity Authority (PEA) officials, who targeted the locations due to their exceptionally high power usage. The…
- Business News
Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
- Thailand News
Swedish man arrested for fake euro currency caper in Phuket
Police arrested a Swedish man in the Patong sub-district of Katu district, Phuket province, after discovering that he exchanged money using fake euro banknotes. Patong Police Station officers received a complaint from an employer at the Violet Money Exchange 2 on Saen Saai Road that a Swedish man was exchanging money using counterfeit euro notes at 1.50pm on February 26.…
- Phuket News
Woman assaulted in attempted robbery at Patong currency exchange
A shocking incident unfolded in the early hours of today when a woman was assaulted during an attempted robbery at a currency exchange on Phra Barami Road, Patong. The Patong police are now on a manhunt for the assailant. The incident occurred near Dolphin Circle at the west end of Phra Barami Road. Police were alerted to the situation around…
- Thailand News
Northern Thailand: Teenager caught using foreign currency at self-service kiosk
A suspicious incident involving currency manipulation at a self-service payment kiosk was reported in Wichian Buri district, Phetchabun province today, December 20. A local shop owner, Sarayut Singchangchai, spotted a foreign banknote, specifically a 500 Kyat note from Myanmar (equivalent to approximately 8 baht), in his payment kiosk. This discovery led to an investigation and the eventual identification of the…
- Thailand News
KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
- Thailand News
Thai PM dismisses rumours of expensive Super App for digital currency scheme
Thailand Prime Minister Srettha Thavisin quashed rumours yesterday regarding the development of a new application for the country’s forthcoming 10,000-baht digital currency handout scheme. Speculation had been rife that an affiliate of property behemoth Sansiri Plc was to develop the new digital wallet application, named Super App, at a whopping cost of 12 billion baht. However, the 61 year old…
- Economy News
Baht depreciation: Experts foresee currency’s decline amid global market turbulence
Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…
- Crime News
CCIB nabs five in 2.7 billion baht cryptocurrency scam
The Cyber Crime Investigation Bureau (CCIB) apprehended four individuals from China and one from Laos about a cryptocurrency scam, resulting in a loss of over 2.7 billion baht. The fraudulent scheme operated via an investment platform called bchgloballtd.com and reportedly deceived at least 3,280 people. The victims, who began stepping forward in November last year, were tricked into investing in…
- Crime News
Thai model caught in billion baht cryptocurrency scams and money laundering bust
Royal Thai Police swooped on 30 targets, capturing an illicit Chinese network involved in cryptocurrency scams, romance scams, and money laundering. The operation, led by Police Colonel Siriwat Deephor, Director of the Anti-Money Laundering Office (AMLO), and his team of over 200 officers, resulted in the arrest of the infamous model, known as Kiki Maxim, and the seizure of almost…
- Thailand News
Nationwide cyber police crackdown disrupts major China-backed cryptocurrency fraud operation
A nationwide operation led by the Cyber Crime Investigation Bureau (CCIB) successfully raided 29 key locations, effectively dismantling a large-scale China-backed cryptocurrency fraud call centre network. The CCIB seized considerable cash assets and a Rolls-Royce car. High-profile raids were orchestrated yesterday in three cities, Bangkok, Pathum Thani, and Chon Buri. Although endorsed by the infamous Tak City director, the CCIB’s…
- Phuket News
Cryptocurrency conundrum: Cyber sleuths collar 25 year old suspect in 1.4 million baht Phuket fraud
A burgeoning cryptocurrency fraud case took a significant turn as a 25 year old man was apprehended by the Cyber Crime Investigation Bureau (CCIB) in Phuket. Suspected of being a money mule within a criminal operation, authorities allege the man, named Toei, opened a bank account aiding a cryptocurrency fraud enterprise scamming over 1.4 million baht from unsuspecting individuals. The…
- Business News
Thai baht’s unexpected surge makes a splash, takes the lead in Asian currency gains
In an unexpected buoy of currency today, the Thai baht took the lead in Asian currency gains, reaching a two-month apex. This surge, of 0.9%, comes in the wake of strong hopes for the resolution of Thailand‘s political deadlock and a waning US dollar, factors that buoyed the sentiments of investors. Meanwhile, share market traders adopted a cautious stance; local…
- Economy News
Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
- Crime News
Bangkok’s luxury properties raided in expansive search for cryptocurrency fraudsters
In an international operation named ‘Trust No One,’ the Thai Cyber Police launched an extensive quest for cryptocurrency fraudsters involved in a worldwide scam worth billions. The second phase of the operation led to a dramatic search in upmarket properties across Bangkok today, revealing stunning details about a Chinese couple’s involvement in the fraud. The Cyber Police, led by Damrongsak…
- Crime News
Woman confesses to cryptocurrency scam involvement after husband’s suicide
A 31 year old woman named Priyanuch was arrested today, in connection with an online investment scam involving cryptocurrency trading. Upon interrogation, she confessed that her husband had encouraged her to open six bank accounts for the scam, and he later took his own life after learning he was wanted by authorities. Priyanuch, a mother of three children aged 13…
- Business News
Former Coinbase product manager sentenced in first cryptocurrency insider trading case
In a landmark legal decision, a former Coinbase Global Inc. product manager has been sentenced to two years in prison in what is being deemed the United State’s first case of insider trading involving cryptocurrency. Ishan Wahi, 32 years old, received his sentence from US District Judge Loretta Preska in a Manhattan federal court yesterday after pleading guilty to two…
- World News
After year of cryptocurrency turmoil, investors see long winter ahead
After a year of cryptocurrency turmoil, exchanges and investors are hoping for at least a rebound in 2023. Last year’s volatility tested even the truest of believers as exchanges and funds went into meltdown. Valuations collapsed, enterprises folded and thousands of people lost their jobs. Can the industry reemerge stronger than ever? Can it reemerge at all? After a cruel…
- World News
Thai baht and Singapore dollar battle for strongest regional currency
China is reopening its borders, pushing economists to predict that an influx of Chinese tourists to Thailand will propel the Thai baht into Southeast Asia’s reigning currency in 2023. But the baht has one regional competitor: the trusty Singapore dollar. Thailand’s economy heavily depends on tourism revenue. In 2019, Chinese tourists made up over 40% of the 40 million tourist…
- Business News
Rich rewards offered for info on currency counterfeiters
With large numbers of fake banknotes now circulating in Thailand, especially in the north of the country, the Digital Economy and Society Ministry Saturday announced a counterfeit rewards system for those canny enough to spot the fakes and turn them in. If you come up with information on counterfeit banknotes, you can expect to be rewarded with up to 100,000…
- Hot News
1 of 6 suspects arrested in Koh Samui Russian cryptocurrency extortion case
A suspect in the Koh Samui Russian realtor couple extortion case has been arrested in the province of Chon Buri. The suspect, Andrey Nizhegorodtsev, 37, a Kazakhstani, was arrested at a house in tambon Huai Yai of Bang Lamung district Wednesday afternoon. Police charged him with physical assault without causing bodily or mental harm, collusion in theft, and coercing people…
- World News
Cryptocurrency crash: what is happening?
The global market of cryptocurrency dipped below US$1 trillion to $962 billion for the first time yesterday since 2020. Bitcoin fell below US$23,000, hitting its lowest point since December 2020. Over the weekend, Ethereum collapsed by 24%, falling to its lowest level in more than 14 months. Meanwhile, crypto lending company Celsius froze withdrawals for its customers yesterday, claiming it…
- Thailand News
Thailand exempts cryptocurrency transfer VAT until 2023
The Royal Thai Government Gazette has formally announced a VAT exemption for transferring cryptocurrency from now until the end of 2023. The cabinet had approved the exemption of the value added tax, or VAT, for transferring cryptocurrency or digital tokens in March. Yesterday, the decision was passed into Thai law and will be in effect from yesterday until December 31,…
- Thailand News
Cryptocurrency payments banned in Thailand, trading still okay
You can put your hopes to rest as Thailand will ban any use of cryptocurrencies as a form of payment. Officials believe that its widespread use will harm the country’s financial system and economy. The new rules that prevent using digital currencies as a form of payment will take effect from April 1. Businesses are given extra time until the…
- World News
Australia plans to sue Facebook owner over scam ads for cryptocurrency
Australian officials are suing Facebook’s owner, Meta Platforms, over scam ads for cryptocurrency schemes. The ads feature well-known Australians, including a politician and a businessman, who they claim endorse the schemes. In reality, the figures never endorsed the schemes, or approved the ads. Australia’s consumer protection commission said the ads also contained links to fake articles with quotes claiming to…
