The Bank of Thailand (BoT) has revealed that it will keep a close eye on Facebook’s Libra token, after the social media giant made an announcement last month that it will work with global partners to introduce the cryptocurrency to users in the future.
BoT Assistant Governor Chantavarn Sucharitakul has disclosed that the central bank will be monitoring the latest movements related to Facebook’s cryptocurrency Libra, after the social network platform invited global payment services to join in the development of the cryptocurrency.
“It remains to be clarified how Libra can be used for payments and transactions between Facebook users. Moreover, we need to learn more about the structure of the entity that will be regulating Libra, as well as the stance of regulators around the world,” Chantavarn said.
Chantavarn added that central banks and regulators worldwide are constantly holding meetings and discussions to address the challenges of digital transactions, assets, and currencies.
“The fundamentals of the law differ from country to country, so the fiscal policy depends entirely on each nation. For example, countries with major businesses and financial hubs will stand out from other countries, as they have fewer rules governing the exchange of money,” Chantavarn said.
As Libra has the potential to become one of the largest cryptocurrencies in the world market, investors and regulators are keeping a close eye on how Facebook’s digital token will be developed and rolled out in the near future.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us