Former Central Bank of Thailand (BOT) governor Anusorn Thammajai has warned that the crypto market will collapse in a few months, nation Messages on Sunday (February 6th).

“Cryptocurrency bubbles will occur in late March when liquidity in financial markets dwindles due to central bank quantitative tightening and interest rate hikes.”

Anusorn Thammajai – Former Director of the Bank of Thailand

Thammajai noted that the first wave of the crypto bubble is over and many cryptocurrencies have lost more than 40% of their value as investors switch to less volatile assets.

The former BOT director added that while cryptocurrencies help create a financial ecosystem in the digital ec onomy, they also pose risks to economic and financial systems. He also warned investors holding risky assets to exercise extreme caution in the second quarter of this year.

In addition, the former director also backed the Thai government’s plan to tax transactions and tighten crypto regulation. He found illegal companies using them for money laundering and other illegal financial purposes.

Meanwhile, Thailand recently eased crypto tax regulations, scrapping a previously planned 15% excess tax. In January, the BOT, the Securities and Exchange Commission of Thailand (SEC) and the country’s Ministry of Finance (MOF) announced that cryptocurrencies would be regulated as a means of payment.

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