• Mon, 26 Aug 2019, 09:19 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Thailand shows less hostility towards Libra compared to other countries

Bangkok Thailand.AdenArdenrich/Pixabay

Mon, 22 Jul 2019, 06:33 am UTC

Compared to other countries that have basically branded Facebook Libra as a grave threat, it would appear that Thailand is at least willing to listen and discuss before making any judgments. This is based on a recent report that suggests that the Bank of Thailand (BOT) is already in contact with the social network. As of now, the case is being studied and judgment is still pending.

Reported by the Chinese news outlet that is run by the government, Xinhuanet, it would appear that BOT governor Veerathai Santiprabhob is approaching Libra with an open mind. He revealed that a new team had already been established to tackle this particular issue and what the stablecoin’s effects are going to be. While there are some concerns, no decisions have been made.

"We are not going to rush into a decision of Libra as yet," the governor said. "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."

On the matter of Libra possibly replacing the local currency, Santiprabhob said:

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

It was also recently reported that Libra will likely find difficulties thriving in the country since regulations have yet to be put in place regarding crypto coins, Cointelegraph points out. As a result, there will need to be a long process of discussion before Facebook can even think of entering this Asian marketplace with its stablecoin.

Meanwhile, the BOT announced that its blockchain-focused Project Inthanon is advancing into the third phase. The project aims to use blockchain technology to improve the country’s financial infrastructure and create an ecosystem supportive of technological learning and advancement.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,338.40 (+2.03%)
  • Ethereum (ETH) $190.31 (-0.13%)
  • XRP (XRP) $0.270700 (-0.74%)
  • Bitcoin Cash (BCH) $311.09 (+0.88%)
  • Litecoin (LTC) $73.91 (+0.57%)
  • Bitcoin (BTC) $10,338.40 (+2.03%)
Aug 26, 2019 (Monday)
08:49
US lawmaker’s concerns on Facebook's crypto remain unresolved even after meeting with Swiss regulators
08:13
Brave Browser expands token tipping service to Vimeo, Reddit users
08:05
Craig Wright again tries to prove authorship of Bitcoin white paper
04:09
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
04:05
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
04:04
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft