Bank of Thailand discusses Libra, but has doubts about security

Bank of Thailand discusses Libra, but has doubts about security

Bank of Thailand discusses Libra, but has doubts about security

Local Thai media, Xinhuanet, reports that the Governor of the Bank of Thailand named Veerathai Santiprabhob says the bank is open to discuss Facebook’s Libra stablecoin with the company.

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.

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About Shawn Morrison 203 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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