BANGKOK, July 5  – The Bank of Thailand or BoT forms a committee to study the Libra digital currency of Facebook and is discussing the issue with concerned parties.

Siritida Panomwon Na Ayudhya, BoT assistant governor for payment systems policy and financial technology, said BoT understood Facebook’s intention to facilitate worldwide payments and provide global population with easy and cheap access to financial services and transactions.

However, the bank had to consider security, the stability of Libra value, and public protection against frauds, she said. She warned people to carefully study investment invitations in any cryptocurrency before making decisions.

Ms Siritida said BoT already formed a committee to study Libra and it was discussing the issue seriously with relevant organizations including the Office of the Securities and Exchange Commission and other central banks.

Libra was a global issue and countries should discuss it. BoT also contacted Facebook for a discussion to consider mechanisms and possible regulations, she said

Source: TNA