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Xinhua backs strict regulations on virtual currency trading

Xinhua News Agency, mouthpiece of the China Communist Party, has published an editorial piece calling for the toughening of regulations on the trading of virtual currencies.

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According to the existing regulatory policy, any direct transaction of any virtual currencies on any kinds of digital token financing platform is forbidden, nor are the intermediaries who conduct brokered transactions allowed.

However, social media platforms such as WeChat and QQ chat group have become major information sources for underground trading of virtual currencies. Buyers can easily use Alipay to transfer money to purchase virtual currency from peer to peer.

Yang Dong, director of the China Financial Technology and Internet Security Research Centre at the Renmin University, is quoted in the editorial as saying that it is necessary to strengthen monitoring of trading accounts and foreign exchange, to effect deeper penetration of the regulations.

Yang also urges the consideration of setting up a blacklist system, to blacklist operators of trading platforms, irrespective of nationality, limiting their future activities in relevant financial businesses.

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Banking

Thailand’s Banking Outlook changed to negative (Moody’s)

Moody’s has changed the outlook for Thailand’s banking system to negative from positive as coronavirus outbreak hurts asset quality and profitability

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Moody’s has changed the outlook for Thailand’s banking system to negative from positive. The operating environment for the country’s banks will deteriorate in the next 12-18 months due to disruptions from the coronavirus outbreak, and this will lead to a weakening of banks’ asset quality and profitability.

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Banking

Thai Banks launch packages for clients affected by COVID-19

Commercial banks in Thailand have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.

National News Bureau of Thailand

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All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient cash for customers to make withdrawals at any time.

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Banking

Thailand raises threshold to 1 million US dollars for repatriation

In a bid to lessen pressure on the Thai baht, the Bank of Thailand has increased to $1M the limit for foreign funds that do not need to be repatriated

Boris Sullivan

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The Bank of Thailand has relaxed foreign exchange regulations by increasing the threshold for proceeds that do not need to be repatriated from current $200,000 to USD 1,000,000 .

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