The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve. Calibra is being built into Facebook's Messenger and WhatsApp, with the goal of letting users send Libra as easily as they send a text message. Thakorn Piyapan, head of digital banking and innovation at Bank of Ayudhya, agreed that Libra could threaten the banking industry's traditional services. The notion of a global digital currency will eventually happen, but not in the near term, said Michael Araneta, associate vice-president of IDC Financial Insights. "There needs to be involvement from stakeholders in the digital economy that are non-US-based in order for Libra to have a chance to be a truly global digital currency," Mr Araneta said.

Source: Bangkok Post June 30, 2019 22:41 UTC