SEC, Bank of Thailand keeping close eye on ‘Libra’

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SEC, Bank of Thailand keeping close eye on ‘Libra’

By THE NATION

 

FILE photo

 

Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand are working closely together in monitoring the development of Facebook’s digital currency “Libra” and preparing to deal with its impact, Praoporn Senanarong, SEC’s assistant secretary-general, said on Monday.

 

She added that the central banks of many other countries were also keeping a close watch on this currency’s development due to concerns about the possible risk to investors. 

Facebook is expected to officially launch Libra early next year. 

Praoporn said the new currency may fall under the Digital Asset Law, which means its trading in Thailand will have to be approved by the SEC. However, as it may not be regulated under this law if it is used for the payment of goods and services, the central bank and SEC are looking for ways to control the currency if it is used for payments.

She added that a new law may have to be put in place before Libra can be used.

SEC consultant Bhume Bhumiratana said it was time for either the central bank or the Finance Ministry to launch a baht-backed digital currency to protect Thailand from a possible adverse impact from other digital currencies. However, this may not be easily done, because Thailand will have to amend several laws and regulations to support the launch of a local digital currency.

 

Source: http://www.nationthailand.com/business/30372602

 

-- © Copyright The Nation Thailand  2019-07-09

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[MamaSan]

Nothing about Project Inthanon???

 

https://ctmfile.com/story/thailand-moves-closer-to-central-bank-digital-currency