Thai central bank establishes committee to examine Facebook’s digital currency Libra

[rooster59]

Thai central bank establishes committee to examine Facebook’s digital currency Libra

 

 

BANGKOK, July 5 (Xinhua) -- Siritida Panomwan, assistant governor for payment systems policy and financial technology at the Bank of Thailand (BOT), told a press conference on Friday that she has established a committee to examine Facebook’s digital currency Libra, adding that the bank is in discussion with the Office of the Securities and Exchange Commission and other related parties.

 

“The BOT will study Facebook’s Whitepaper,” said Siritida, “because consumer benefits and risks incurred from the digital currency are the central bank’s main focus.”

 

Siritida said Facebook had requested talks with BOT to seek authorization from the central bank to facilitate Libra into the Thai financial system.

 

Full story: http://www.xinhuanet.com/english/2019-07/05/c_138202323.htm

 

Xinhuanet: 2019-07-06

[bitterbatter]

A friend put some funds into Facebook currency, then three days later he got a message telling him that he had violated Facebook policies and he wouldn’t be able to access his money for 2 months!   

[Pedrogaz]

I closed me FB account some time ago when I found out they were spying and selling the data. I think Zuckerberg should be in jail for this, but fool me once....

Now he's asking me to have faith in his currency? Sorry but the trust is no longer there. 

I am becoming more alive to the dangers of the internet these days and I'm tending to go back to older ways of doing things. As bitter batter says above, I might be doing very well and have $50,000 in a FB Libra account...the problem is, I then have to trust Zuckerberg....fool me twice? Not a chance. 

[Lupatria]

How many experts are in this committee to examine Facebook’s digital currency Libra, and how long will they stay at a prestigious golf resort?

[geoffbezoz]

1 hour ago, bitterbatter said:

A friend put some funds into Facebook currency, then three days later he got a message telling him that he had violated Facebook policies and he wouldn’t be able to access his money for 2 months!   

Looks like Zukerberg and the Thai banks have been conspiring together.  Not being able to access your own money is no different from the Thais insisting that we must keep 400000/800000 in a Thai bank and you not able to touch that for 3 months either.

 

In fact I am sure the Thai bank will adopt Zukerbergs currency with eagerness given the potential of taking deposits and then not allowing the depositors to use the money. In fact it would not surprise me if the Thais, in recognition of the potential of Zukerbergs  idea,  that they will award him an honorary quadruple elephant medal with scar. Seems like the Chinese in banning Facebook are doing the right thing.

[Isaan sailor]

Perhaps the Thai Central Bank could examine the possibility of an immediate rate cut—to salvage tourism and exports.  Hot money inflows from China (all in USD of course) swell up Thailand’s foreign reserves, and drives the Baht to six year highs.

[Jimdandy]

8 hours ago, geoffbezoz said:

insisting that we must keep 400000/800000 in a Thai bank and you not able to touch that for 3 months either.

I'd bet you dollars to doughnuts that it will take three more months to get it out especially if you want a lump sum. I can hear the bank's excuses now, ranging from our branches do not keep that much baht on hand, to you have to fill out form XYZ and submit it when the moon is in the 7th house, otherwise you'll get it 'soon'.

[LillyBangkok]

On 7/6/2019 at 1:14 PM, bitterbatter said:

A friend put some funds into Facebook currency, then three days later he got a message telling him that he had violated Facebook policies and he wouldn’t be able to access his money for 2 months!   

As far as I am concerned, Facebook will launch the Calibra wallet sometimes in the middle of 2020.

 

https://www.supercryptonews.com/facebook-to-hold-off-libra-until-it-gets-approval/

 

I am not sure if this is talking about the same Libra, Facebook's digital currency?