Bank of Thailand Is Open to Discuss Libra, Concerned Over Security

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Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook’s Libra stablecoin with the company, Chinese state-run press agency Xinhuanet reported on July 19.

Per the report, 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. “We are not going to rush into a decision of Libra as yet,” Santiprabhob reportedly said, continuing to emphasize the importance of security:

“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.”

Santiprabhob reportedly said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.”

As Cointelegraph reported earlier this month, Fiscal Policy Office legal officer Sumaporn Manason argued that Libra will likely run up against difficulties entering Thailand as the cryptocurrency does not fall under any local financial legislation currently existing.