Bank of Thailand’s Governor claims appointment of special task force to weigh pros and cons of Libra

Facebook’s Libra has been at the center of scrutiny and skepticism among policymakers from around the globe. Many have even gone on to ask for a complete halt of the project, including many lawmakers during the two-day Congressional hearing. However, amidst all the controversy surrounding the project, the Thai Central Bank has come out in support of the social media giant’s crypto-offering.

The Governor of the Bank of Thailand, Veerathai Santiprabhob, recently said that regulators’ job is to weigh in both the pros and cons of a project. The Governor went on to list some of the benefits of the project, benefits which do not seem to be discussed by mainstream media. Santiprabhob said Libra could open a plethora of opportunities and provide better financial access to Thai citizens.

The Governor of the central bank added that they are in talks with the social media giant over the launch of their cryptocurrency. A task force has been set up comprising of financial experts to study the cryptocurrency. Once approved by the regulatory task force, the Bank of Thailand would be responsible for monitoring the digital token’s verification and authentication criteria.

Talking about the issues that might arise due to authenticating the use of Libra, Santiprabhob said,

“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.”

Thailand might be the only ray of hope for Facebook in a sea of countries outrightly critical of Libra. It would be interesting to see if Thailand’s neutral approach towards the nascent crypto-project can help their cause in the long run.