Libra may face regulatory obstacles in Thailand

A financial expert from Thailand believes that, due to the position of local regulators, steyblkoin Libra may face obstacles when entering the country’s market.

In the opinion of Sumaporn Manason, Thailand’s Tax Board Legal Advisor, Libra does not fall under any local financial legislation.

“Cryptocurrency is not subject to the Bank of Thailand Currency Law, as it does not have the characteristics of a payment instrument. The means of payment is characterized by the value in baht and is used to pay debts or exchange for other currencies, in accordance with the law, ”said Sumaporn.

The legal adviser believes that Libra has three possible development scenarios in Thailand: either a complete ban or steablecoin will not be regulated so as not to hinder its use, or else the regulation will be implemented through an intermediary.

Adviser to the Securities and Exchange Commission of Thailand Bum Bumiratana (Bhume Bhumiratana) noted that the country’s central bank can run its own cryptocurrency before Libra gains popularity.

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Recall that recently India and South Korea joined the criticism of the Facebook Libra cryptocurrency project. After that, Facebook said that, due to regulatory restrictions, it would not launch its digital cryptocurrency service in India.