Thai authorities problem warning on Trang temple’s cryptocurrency

Cryptocurrency buyers in Thailand are being warned not to put money into Somdejcoin, or SDC, which is named after a revered Buddhist monk and developed by a temple within the southern province Trang.
Thailand’s Securities and Exchange Commission, or SEC, issued an official assertion yesterday warning merchants and traders in regards to the decentralised finance token, claiming that the coin’s funding knowledge is still unclear in many ways.
The coin, created as a commemorative coin with a restricted amount of 66,186,727 tokens, which is the same as the Thai inhabitants in 2020, by Wat Pa Mahayan in Trang and a basis, nonetheless must prove that it should match the qualifications earlier than buying and selling, in accordance with the regulator.
The SEC is now planning to contact Satang Pro, a digital exchange where SDC is listed, to see if the coin complies with the exchange’s itemizing necessities and never fall into considered one of 4 classes of cash that aren’t allowed to list on any change: meme tokens, fan tokens, non-fungible tokens, and any digital tokens issued by the exchanges.
Some aspects of the coin’s investment information, such because the profit redemption necessities and exchange fee, are presently unknown. Prior to buying and selling, permission from the National Buddhism Office or different suitable regulators may be necessary, and the funds will be divided 3 ways: to assist Buddhism, to spice up liquidity, and to add coins for investors with a 9% transaction cost.
Apparently, While they last www.somdejcoin.com has been suspended..

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