The Thai Securities and Exchange Commission issued a warning to the public over the purchase of a digital coin developed by a Buddhist Temple and a related foundation.
The so-called “SomdejCoin,” developed by a temple in Trang Province, is being investigated by the SEC for irregularities.
The coin, named after a venerated Thai monk, is listed on Satang Pro which is now being scrutinized by the SEC because fan tokens and meme tokens are not allowed to be listed.
The SEC said there were other irregularities with the coin’s published investment data including its exchange rate and return rates. The body said it has also been in touch with the National Buddhism Office to investigate the feasibility of such a coin.
Bitcoin and other cryptocurrency are immensely popular in Thailand with Thai-based BitKub (a local exchange) recently acquired by the country’s largest commercial bank.