Readiness to Discuss Libra

Last Modified:8 Dec 2019 10:46:07
Readiness to Discuss Libra

Bank of Thailand’s Readiness to Discuss Libra

According to Xinhuanet on July 19, Bank of Thailand welcomed discussions about Facebook’s Libra stablecoin. The above agreement was expressed by its governor, Veerathai Santiprabhob.

However, this greenlight was concomitant with some concerns about the laws regarding identity verification and money-laundering. The other matter he was worried about was security necessary in every financial service.

The authorities of the bank are proceeding hesitantly to make decision about Libra; as the team of the BoT has started investigating Libra’s whitepaper before making their minds about any cooperation. Veerathai Santiprobhob spoke about it at FinTech Fair and informed that their measure had been the outcome of Facebook’s frequent contact with BoT.

Moreover, he pointed out that they don’t prioritize any cryptocurrency among numerous cryptocurrencies present in the market.

Given the existence of baht cryptocurrency in Thailand and the probability it can be replaced by Libra; BoT thinks the process of including this new cryptocurrency to the market is not so easy. It seems the BoT governor believes that it cannot replace baht.

Generally, the experts in Cointelegraph believe that Libra is so powerful that it can cope with the difficulties existing in entering the market of Thailand and it is mostly because of loopholes in Thailand legislation structure in the area of cryptocurrencies; as Fiscal Policy Office legal officer Sumaporn Manason confirms that the Bank of Thailand’s Currency Act doesn’t have appropriate rules for the cryptocurrencies.

On the other hand, an advisor at Thailand’s Securities and Exchange Commission, Bhuma Bhumiratana mentioned that BoT might issue its own digital currency before the prevalence of Libra in Thailand.