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Bank of Thailand want to discuss Libra with Facebook but are Concerned with the Security Issues1 min read

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Bank of Thailand (BoT) Governor Veerathai Santiprabhob said on Friday that the central bank is ready to discuss Libra cryptocurrency with Facebook while expressing concern over identity verification and money-laundering laws

The central bank governor said that he was most concerned about security in all financial services as it concerned people’s money as Reported

Santiprabhob made his remarks at the Bangkok FinTech Fair on July 19, pointing out that Facebook had already contacted the central bank many times. He also noted that the institution had established a new team to study Libra’s whitepaper, but their analysis will take time.According to him

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“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.”

Veerathai also said that it will not be easy for Libra to step into the Thai market and assume that it can replace the Thai baht currency.

“The majority of the Thais are still using the Baht as the currency to trade,” said Veerathai. “Libra cannot just step in and replace all currencies and digital money.”

 

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