BANGKOK, July 8 (Xinhua) -- The Thai Securities and Exchange Commission (SEC) said on Monday that it is not in a hurry to regulate Facebook’s digital currency Libra.
SEC assistant secretary-general Praoporn Senanarong said Libra has yet to be stipulated under the Digital Asset Business Act 2019.
“We will need to examine the Whitepaper of Facebook regarding Libra before we lay out plans to regulate Libra,” said Praoporn, “security has to be set as priority.”
Praoporn said that SEC will be seeking consultations with BOT in terms of setting laws and regulations with Libra.
She also said Libra is more of a medium for payment.
“Unlike Bitcoin, Libra is an alternative to cashless payment,” said Praoporn, “Libra is not suitable for digital investments or speculations. So I would like to inform everyone that Libra is not an investment product.”
The Thai Securities Exchange of Thailand (SEC) under the Ministry of Finance, oversees the Stock Exchange of Thailand.
The Bank of Thailand is responsible for the country’s money market, and is under the supervision of the SEC.