The Thai government has decided to implement a cryptocurrency pyramid system for cryptocurrency trading.
The announcement comes as the country continues to see a surge in cryptocurrency trading and speculation.
Read moreCryptocurrencies are the most popular and well-known digital currencies, with more than $US100bn worth in cryptocurrency traded every month.
Thailand, known for its strong ties with China, has a booming digital currency sector, and is one of the most prominent cryptocurrency markets in the world.
The government is planning to set up a cryptocurrency exchange in Bangkok, where the majority of cryptocurrency trading takes place.
The country has seen a surge of activity in the cryptocurrency space, which has been seen in the last few weeks.
Earlier this month, Thailand’s central bank announced it would launch a cryptocurrency fund, which would help the country attract investors.
In a statement, the central bank said the cryptocurrency fund would be used to help the government attract more foreign investors, with the fund to be used exclusively for cryptocurrency purchases.
“We hope that by making cryptocurrency trading easier and more transparent, it will help attract more people to invest in Thailand’s economy and improve its competitiveness in the digital and financial sectors,” the central Bank said.
In recent weeks, cryptocurrencies have gained momentum.
In early February, the Thailand Central Bank announced it had launched a cryptocurrency trading platform in Bangkok.
The platform is expected to be launched in early May.
Since then, a number of cryptocurrency exchanges have been established across the country, with a handful of major exchanges being active in the capital.
Thaicoin, a Thai cryptocurrency trading exchange, has announced plans to expand its operations.
“The government has recently initiated a plan to establish a cryptocurrency brokerage business in Bangkok,” the company said on its website.
“Thailand is also the only country in Asia to have a virtual currency trading exchange in operation.”
In a bid to help attract new investment, the company is offering an annual bonus of up to 4.3 million baht ($5,000) for trading.
Thanatuan, an online cryptocurrency exchange, also announced it will launch a trading platform.
Thais cryptocurrency traders have been making a name for themselves.
The price of a Thai Bitcoin rose to a record high in June, when it reached a peak of $US7,000 per coin.
The cryptocurrency has since rallied to an all-time high of more than 10,000 bahts ($US8,000), reaching a peak in July of $USD12,000.
However, recent price rises have been met with skepticism from analysts, who have warned that cryptocurrencies have not reached the point where they can become an acceptable investment option.
The Thai central bank also announced last month it would be expanding cryptocurrency trading to two additional cities.
The move comes amid increasing interest in cryptocurrencies among Thais.
The government has been pushing for greater transparency on cryptocurrencies and a crackdown on virtual currency traders, and a number have been arrested for violating the country’s cryptocurrency laws.