Aug 22, 2023

Thailand’s Ministry of Digital Economy and Society (DES) has told Meta's (META) Facebook to curb the number of fraudulent crypto investment scams being advertised on the site.

Video transcript

Thailand's government is giving a Facebook parent company meta a new warning. The country's Minister of Digital Economy and society told the social media giant to curb the number of fraudulent crypto investment scams being advertised on the site or risk being expelled for the country. Aage, it feels like Facebook's battle against the government is one that is never ending and maybe for good reason. But what are your thoughts on the story? Yeah, I mean, you know, we see this again and again in different forms. We've seen it with disinformation. First, it was misinformation, then it became disinformation and in the middle, it was Cambridge Analytica, right? And what we are seeing right now is uh Facebook once again, grappling with uh being uh a dominant force of social media that is basically omnipresent, it's just everywhere. Uh And if you have a platform that is basically serving almost well, what is it 30 to 40% of the world's population and how do you control what is on those platforms? With just a handful of employees, they have offices in East Asia in, in Dublin and of course in Menlo Park and they have these war rooms where one of us have actually, I've actually gone there and seen the efforts they make in trying to, you know, cull this misinformation. But what's happening again and again, and it's happened in India and other parts of the world, including the US where the governments reach out to Facebook and say, well, there's misinformation being posted on your website. In this case, it's basically crypto scams, we're putting stuff out and in this case, more than 300,000 cases, 200,000 victims, uh 10,000 million bath. So it is just something that happens again and again, just think about it. If you post something on Facebook, Facebook needs some time to take, take it down. And in that time, the damage is done and there's just so many people on Facebook timelines that it's impossible almost. And that's, that's something that's going to be tricky. So they're gonna just, I think what's gonna happen is that Thailand is going to bring Facebook officials into their offices, tell them the problem, you know, bring the hammer down on them. And then Facebook officials will divert a lot of their resources to Thailand try to fix that problem, you know, fix their algorithms and then maybe we'll see some change. My hope is that if that does happen a age, that the good information about crypto, the good information that comes from the industry stays and they don't just throw the good out with the bad which can often happen in these cases.

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