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Crypto Prices Slip as Thailand Calls for More Regulations

Investing.com - Cryptocurrency prices slipped on Thursday following reports that the Deputy Prime Minister of Thailand Wissanu Krea-ngam has called for more regulations on virtual coins.

Bitcoin slipped 0.7% to $6,516 by 1:00 AM ET (06:00 GMT) on the Bitifinex exchange.

Ethereum was down 1.7% to $215.53, and Litecoin slid 3.9% to $53.607. XRP traded 3.6% lower to $0.51532.

The Bangkok Post reported on Nov. 8 that Krea-ngam believed new measures are necessary both domestically and internationally in order to protect consumer security.

The Thai Revenue Department revealed its plans on Wednesday to track tax payments using blockchain technology and machine learning.

Such technology will be utilised to verify the validity of taxes paid and to speed up the tax refund process, according to the Revenue Department’s director-general Ekniti Nitithanprapas. He added that the move would allow the department to detect tax fraud more effectively.

Thailand presented a regulatory framework for cryptocurrencies earlier this year.

"The laws need to be amended in the future so that we can better keep up with technological changes," Krea-ngam said.

In other news, Poloniex, operated by Goldman Sachs-backed startup Circle, said on Tuesday that it would begin offering customers the option to buy bitcoin cash ABC (BCHABC) and bitcoin cash SV (BCHSV) trading tokens.

It would be the first exchange to offer such trading services amid an ongoing debate over the technology's roadmap, according to CoinDesk.

"We're doing this to empower customers to demonstrate their support for one coin over the other through trading activity. Poloniex will also support trading markets for both tokens after the hard fork,” the exchange said.

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