The Bank of Thailand has frozen approximately 3 million bank accounts in a nationwide scam crackdown, leading to significant shifts in the financial sector and increased interest in cryptocurrencies.
Nationwide Account Freezing Operation
The Bank of Thailand, in collaboration with cyber police, has initiated the freezing of about 3 million bank accounts linked to fraud worth approximately 6 billion baht. This action affects both personal and business users of major local banks.
Increased Interest in Cryptocurrencies
As a result of the account freezes, many citizens and businesses are turning to cryptocurrencies. A 35% rise in local exchange users and a 50% increase in trading volumes indicate a growing distrust of traditional banking systems.
Public Outcry and Potential Policy Changes
The decision to freeze accounts has caused public discontent, with authorities criticized for the measures taken. In response, the cyber police announced plans to review account-freezing rules to protect wrongly affected customers.
The developments in Thailand could significantly impact financial operations in the country and accelerate the shift to decentralized assets. Future consequences of this regulatory action are uncertain, but historically they may encourage greater cryptocurrency adoption.
