Bank Freezes in Thailand and Vietnam: Financial Repression Risks

https://rhr.tv/stream

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- Thailand | Freezes Accounts and Imposes Transfer Limits

In an effort to reduce online financial scams, the Bank of Thailand froze more than 3 million bank accounts. It also set strict daily transfer limits for citizens, ranging from 50,000 to 200,000 baht ($1,500 to $6,000). This comes after suffering nearly 6 billion baht ($189 million) in damages from online scams in recent months. The freeze has left many online creators, small businesses, and foreign residents unable to access funds or process payments. The heavy-handed approach caused panic withdrawals and confusion. It offers a glimpse into how broad state measures against fraud can unintentionally lead to financial repression, cutting Thais off from their own money. FinancialFreedomReport.org

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