• Sat, 07 Dec 2019, 04:45 AM
  • All times are UTC
  • Edition:
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.
  • Bitcoin (BTC) $7,582.15 (+1.80%)
  • Ethereum (ETH) $149.63 (+0.41%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $215.39 (+0.70%)
  • Litecoin (LTC) $45.77 (+1.42%)
  • Bitcoin (BTC) $7,582.15 (+1.80%)
Dec 6, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
Reserve Bank of India governor against the development of private digital currencies
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.