If it launches, the digital AMLO Wallet will not be used to pay for goods, it will not be used to trade for bitcoin and there will be zero intention to scale the product.
The wallet, which is the brainchild of Thailand’s Anti-Money Laundering Office, is meant to hold digital currencies that have been confiscated by the police, according to The Nation.
However, first Thailand will need to allow police to seize crypto assets.
According to the story, Thailand does not have a law that deals with the future of a criminal’s crypto assets. The perpetrator can be detained, their fiat currency and physical property seized, but technically their digital assets cannot be touched.
AMLO brought up the example of an arrest of a Moldovan man who was using cryptocurrencies to run a child pornography website. When they arrested him, they found Bitcoin on his phone, but because the law does not allow them to seize the assets, he was able to keep his money.
The AMLO Wallet would provide a place to store crypto-assets seized in a raid, although the office was aware that the biggest hurdle in crypto-based money laundering is identifying the perpetrator.
The government seems keenly aware that the infrastructure in Thailand is not built to handle cybercrime. Officials told reporters last Thursday that the government senses it is behind and is trying to catch up.
There does not seem to be an idea of what to do when a person dupes someone into a fraudulent investment using cryptocurrencies. Because the identity of the transaction is hidden, it becomes almost impossible to prove the evidence in the court of law, even if they were essentially caught red handed.
Thailand authorities are becoming worried that the lack of legal framework is turning the country into a haven for cybercriminals.