Analysis of Libra stablecoin
The report revealed that Facebook had already approached the central bank several times. Santiprabhob also says that the central bank has set up a special team to investigate the ‘white paper’ of the Libra stablecoin, but that this analysis will take time. “We are not going to make a hasty decision about Libra right now.” The emphasis is then again placed on the safety of the Libra stablecoin.
“All kinds of digital currencies are on the rise, which is why the Bank of Thailand keeps an eye on them all and does not prefer a specific financial service. Security in financial services is the bank’s top priority. It will take time. ”
Adoption of Libra not going to be easy
Santiprabhob says that the Libra cannot simply take the place of the Thai currency ‘baht’. “Libra cannot simply appear and then replace all (digital) coins.”
Sumaporn Manason, a Thai lawyer, says it is probably not going to be easy for the Libra to be adopted in Thailand because the cryptocurrency does not fall under any kind of financial law in the country.