Bank of Thailand to Monitor Facebook’s Libra

Asia Blockchain Review
July 10, 2019

The Bank of Thailand (BoT) has revealed that it will keep a close eye on Facebook’s Libra token, after the social media giant made an announcement last month that it will work with global partners to introduce the cryptocurrency to users in the future.

Thailand’s Central Bank Considers Regulating Libra

BoT Assistant Governor Chantavarn Sucharitakul has disclosed that the central bank will be monitoring the latest movements related to Facebook’s cryptocurrency Libra, after the social network platform invited global payment services to join in the development of the cryptocurrency.

“It remains to be clarified how Libra can be used for payments and transactions between Facebook users. Moreover, we need to learn more about the structure of the entity that will be regulating Libra, as well as the stance of regulators around the world,” Chantavarn said.

Bank of Thailand Continues to Tackle Challenges of Digital Currencies

Chantavarn added that central banks and regulators worldwide are constantly holding meetings and discussions to address the challenges of digital transactions, assets, and currencies.

“The fundamentals of the law differ from country to country, so the fiscal policy depends entirely on each nation. For example, countries with major businesses and financial hubs will stand out from other countries, as they have fewer rules governing the exchange of money,” Chantavarn said.

As Libra has the potential to become one of the largest cryptocurrencies in the world market, investors and regulators are keeping a close eye on how Facebook’s digital token will be developed and rolled out in the near future.


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