FRIDAY, March 29, 2024
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Bank of Thailand looks to head off possible problems with Facebook’s Libra cryptocurrency

Bank of Thailand looks to head off possible problems with Facebook’s Libra cryptocurrency

The Bank of Thailand (BOT) has set up a working team to look into the possible implications of Facebook’s plan to introduce a cryptocurrency known as Libra, said Siritida Panomwon Na Ayudhya, the bank's assistant governor for payment systems policy and financial Technology group.

The team has been working closely with related state agencies such as the Securities and Exchange Commission (SEC) and also the central banks of other countries, as it views that the launch of Libra will be a global issue. 
Siritida said the BOT understood that Facebook’s aim with Libra is to make cross-border transfers easier, but the bank has to consider other aspects surrounding its use, such as security and the stability of the new cryptocurrency and other financial mechanisms associated with it.

 

 

 

 

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