Bank of Thailand Open to Libra Discussions with Facebook

The Bank of Thailand said that it is open to engaging in discussions with Facebook over its recently announced digital currency, Libra.

Veerathai Santiprabhob, head of the Bank of Thailand, stated at the Bangkok FinTech Fair that Facebook had already contacted the institution multiple times.

Santiprabhob also noted that the Bank of Thailand is working hard to analyze Libra’s whitepaper in order to find out if there are any security concerns with the cryptocurrency.

On top of that, he stated that his office will not give favoritism to any cryptocurrency, no matter if it’s coming from a Silicon Valley giant such as Facebook, while also proclaiming that the coin won’t replace the Thai baht.

“Libra cannot just step in and replace all currencies and digital money,” Santiprabhob said.

As of now, Libra faces an uncertain legal status in Thailand due to the fact that the digital currency doesn’t fall under any existing financial or currency laws.

Libra is classified as a “stable coin”, meaning that the real world currency used to buy the coin will also back it in order to reduce drastic price volatility that is typically associated with other cryptocurrencies.

Thailand has been one of the most forward-thinking countries when it comes to cryptocurrency regulation.

Earlier this year, the Southeast Asian nation legalized four cryptocurrency trading pairs, which included Bitcoin, Ethereum, Stellar, and Ripple, as well as multiple cryptocurrency exchanges.

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