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To this extent, Libra coin also cannot be classified as a

çforeign currencyé under the Act and therefore cannot be regulated under it.
Furthermore, related businesses and activities relating to Libra coin do not fall

within the scope of the Act and so are not considered çtransact exchange

operationsé under it.

4.2.1.3 The Payment System Act B.E. 2560 (2017)

To consider other types of money that virtual currency might be
subject to, electronic money or e-money, which has commonly been used for

transactions, should also be considered. E-money is broadly defined as an

electronic store of monetary value on a device that might be used in any
(17)
transactions.

Unlike virtual currency, which is based on blockchain technology,

e-money can be centralised or decentralised depending on the objectives of
the controllers of the supply of such electronic tender. Furthermore, e-money

is not a currency - as mentioned earlier, e-money is fundamentally an
(18)
electronic store of monetary value on a specific device.

It is also to be noted that while virtual currency is currently not legal
tender in any country, e-money is regulated by most of them. This is also

because the use of e-money has increased, which has therefore attracted ever

(17)
Chanikarn Sukmongkongsamoe, çRise in E-Money Adoption and Its Monetary Policy
Implications: A Cross Country-Analysis,é Bank of Thailand, <https://www.bot.or.th/Thai/
Segmentation/Student/setthatat/DocLib_Settha_Paper_2559/B_Present_Prize5_2559.pdf> accessed
1 December, 2019.
(18)
çCryptocurrencies,é Digital Watch Observatory, <https://dig.watch/issues/cryptocurrencies>
accessed 1 December, 2019.

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