Thailand Asks Gold Sellers for Moderation After Precious Metal Hits Seven-Year High

Michael LaVere
  • The prime minister of Thailand asked gold sellers to practice moderation amidst the precious metal's seven-year high. 
  • Gold shops in Bangkok have experienced long queues since earlier in the week, leading to concern over cash shortages. 

The prime minister of Thailand has urged for moderation as gold sellers seek to cash in on the precious metal’s seven-year price high. 

According to a report by the Bangkok Post, prime minister Gen Prayut Chan-o-cha asked for moderation from gold sellers rushing to capitalize on the soaring price of precious metals. 

The prime minister said in a briefing on Wednesday, 

I’m asking people to sell gradually, not in large amounts, as shops may face a cash crunch.

Gold rose to its highest level in seven years amidst concern over the economic fallout from the coronavirus pandemic. 

The report claims gold shops in Thailand have struggled to cope with the long queues of sellers, with lines forming outside of businesses since earlier in the week.

Gold Traders Association chairman Jitti Tangsitpakdee said on Tuesday that shops were experiencing cash flow problems, as sellers vastly outnumbered buyers. Jitti refuted social media rumors that gold shops would be closing due to cash shortages and reassured the country that gold trading would continue unimpeded.

The report cited Wisakha Osaithai, a gold shop owner in Khon Kaen’s Muang district, explaining that people were in need of cash for essential spending. 

She said, 

Customers want cash for daily spending, so they decide to sell their gold.

Featured Image Credit: Photo via Pixabay.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.