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

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.

She said that other than security concerns, the BOT will need to look into the stability of Libra value, currency model mechanism and public protection against frauds.

Siritida told the media that her team examining Libra, is comprised of experts from the central bank’s foreign exchange, payments and legal teams.