BANGKOK, July 8 (TNA) – The Securities and Exchange Commission (SEC) will discuss regulation on Facebook’s planned Libra coin with the Bank of Thailand (BOT). It expects the regulation within this year.
SEC assistant secretary-general Praoporn Senanarong said Libra had not been under the SEC’s supervision under an executive decree on digital assets and the SEC together with the BOT would formulate a law to cope with Libra believed to be introduced next year.
Libra was not suitable for investment or speculation because it would not fluctuate as much as digital currencies. Libra was more like a medium for payment, she said. She also warned of possibly frauds inviting victims to bogus investment in Libra.
Thakorn Piyapan, head of Krungsri Consumer Group, said worldwide commercial banks were concerned about Libra because Facebook had more than 2 billion users and would introduce the liberal international payment system. Key concerns included electronic ID verification and money laundering, he said.
Each year shops paid credit card fees worth 36 billion baht to worldwide commercial banks and small-scaled international money transactions amounted to US$400-500 billion. If Libra emerges, it will affect the revenue of worldwide commercial banks, he said.
Blockchain and Bitcoin expert Jirayut Sapsrisopha said the introduction of Libra could raise the value of Bitcoin. (TNA)
