November 24, 2021
A Thailand-based Buddhist temple Wat Pa Mahayan’s decision to introduce it’s own digital currency has got the financial watchdogs worried, according to Bangkok Post. The Buddhist majority nation Thailand is infamous for monks deceiving devotees for financial gains.
The monastery has issued a cryptocurrency called Somdejcoin with over 66 million tokens available for purchase at an unspecified rate. The currency is named after Somdet Phra Buddhacaryaa, a Buddhist monk who lived in the 19th century.
What is concerning is the monastery’s website which has provided incomplete information in broken English saying it has used blockchain technology to provide access to Thai people around the world of the world’s first digital coin. Further the website stated, “Somdejcoin has been produced in a limited quantity worldwide, only 66,186,727 million tokens, equal to the population of people in Thailand in 2020 and the creators want Thai people to have the opportunity to collect commemorative coins and have access to digital Somdejcoin coins. At least one token for each person as a souvenir that can be a world heritage site for future generations”.
The Securities and Exchange Commission warned against investing in the temple’s currency.
Source: Bangkok Post