The anti-fraud crackdown on online scams is limiting daily transactions, causing disruptions for citizens and merchants.
According to reports, Thailand is at the center of a financial controversy after authorities froze three million bank accounts during a large-scale operation against online scams.
The anti-fraud operation, which began in August, imposed restrictions on bank transfers, limiting daily transactions to 50,000 baht (around $1,570). This situation has led many experts to point out that Bitcoin could provide an alternative to the limitations imposed by the centralized banking system.
Daniel Batten, researcher and co-founder of CH4 Capital, commented:
The massive account freeze affected not only suspected accomplices of scammers but also innocent merchants and legitimate online sellers. The Cybercrime Investigation Bureau (CCIB) confirmed that numerous legitimate businesses were caught up in the investigation.
Jimmy Kostro from the Thailand Bitcoin Learning Center stated:
Expatriates living in Thailand have also expressed frustration on social media and online forums, complaining about arbitrary banking restrictions and increasingly complex bureaucratic procedures. Many foreigners saw their accounts blocked for weeks without explanation, having to register their biometric data at bank branches to regain access to services.
Thai authorities are currently discussing possible solutions to ease restrictions on the bank accounts of law-abiding citizens. The central bank has started talks with the CCIB to find a compromise that protects the financial system from fraud without excessively penalizing honest account holders.
“We urge the public not to panic. The suspension is only temporary and will be lifted once checks confirm no wrongdoing,” said Wisit Wisitsora-at, secretary of the Ministry of Digital Economy and Society.
