Bank of Thailand ready to discuss Libra with Facebook, but concerned with security

Source: Xinhua| 2019-07-19 18:12:52|Editor: Lu Hui
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BANGKOK, July 19 (Xinhua) -- Bank of Thailand (BoT) Governor Veerathai Santiprabhob said on Friday that the central bank is ready to discuss Libra cryptocurrency with Facebook while expressing concern over identity verification and money-laundering laws.

Veerathai Santiprabhob said at the Bangkok FinTech Fair that Facebook had already contacted the central bank many times and a new team established by the BoT was studying into Libra's Whitepaper and would take time before any progression was made.

The central bank governor said that he was most concerned about security in all financial services as it concerned people's money.

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

Veerathai also said that it will not be easy for Libra to step into the Thai market and assume that it can replace the Thai baht currency.

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