Bank of Thailand is open to discuss Libra

20 Jul, 2019
by David Robb
Adoption
Bank of Thailand is open to discuss Libra

The head of the Bank of Thailand has claimed that he is ready to consider Facebook's new Libra project. Xinhuanet reports that Veerathai Santiprabhob claimed that he was open to discussion but had concerns about security.

Veerathai made the comments at Bangkok FinTech Fair. He claimed that the social media giant had already been in touch with the Thai central bank a number of times, and that a new task force had been established specifically to study Libra's whitepaper and work out any legal issues that may arise.

"We are not going to rush into a decision of Libra as yet," said Veerathai. "All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time...The majority of the Thais are still using the Baht as the currency to trade. Libra cannot just step in and replace all currencies and digital money."

Thailand has adopted a stricter approach to regulating crypto than many other south-east Asian jurisdictions, with countries like Singapore actively seeking to encourage financial innovation as a potential source of income. However, it isn't taking the extreme route pursued by India and China, and has recently approved a small number of cryptos and trading platforms to operate in the nation.

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