The Pros & Cons of Libra for Thailand
When Facebook first announced that they were working on a cryptocurrency project called Libra, it immediately concerned government officials and regulators worldwide. There are a few that want to ban Libra, such an India and others that demand Facebook gets a finance license, like the United States of America. The latest nation debating on what Libra means for their people in Thailand. The Governor for the Central Bank of Thailand has spoken open, stating that the pros and cons of Libra need to be considered.
The governor has publicly noted that digital currency could benefit Thailand Nationals dramatically, influencing their chances at financial glory. It will also allow for Thai citizens to have more available access to the worldwide markets. However, the governor is concerned about the security risks of Libra. It’s known that for now, the Thai Central Bank is monitoring the authentication and verification of Libra. The governor has stated publicly that Facebook will have to abide by the existing money laundering laws.
The Central Bank of Thailand is discussing the potential of Libra with Facebook. They’ve even formed a task force that will study Libra. The governor of the Thai Central bank stated: “Replacing a national currency with a digital one is not easy, especially where people are confident in the local currency, the financial system, and foreign exchange stability.”
The Backlash for Facebook
Thailand could face significant backlash in the region for their decision to allow Libra in their nation. India and other countries located in the Asian continent have expressed that they won’t allow for Project Libra to enter their financial markets. A Committee with the G7 publicly stated to all nations that Libra will dramatically shift the stability of financial markets worldwide.
Facebook has already had to attend hearings in the United States & United Kingdom to defend Project Libra. The discussions haven’t worked in the social media giants favour remotely.