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more e-money providers to enter markets. Bespoke regulations for e-money

were issued in a number of countries, followed by a series of amendments.

Under Thai law, for example, is the Payment System Act B.E. 2560
(2017), which prescribes the terminology of e-money as follows: çelectronic

cards issued by the service provider for the service useré; along with the

definition of electronic care stipulated in Section 3 of the Act and Section 1 (14)
of Thai Penal Code, we can conclude that electronic cards must be created

.(19)
and fixed in a tangible form

Hence, this contrasts with the characteristics of virtual currency,

which is intangible even though the issuer of such virtual currency might be

known.

Moreover, as specified in the Thai Penal Code, the meaning of the

electronic card concept includes ç...data, cipher, account number, any of sets
numbers of electron or figures...é that might be compared to virtual currency.

However, the Section further states that those substances must be issued for

the specific person entitled to use it, and accordingly virtual currency may not
be regarded as an electronic card or e-money under the existing legislation.

In this regard, the Libra coin from the titular white paper is intended

to address global users by means of the open source Libra Blockchain

software. This is indicated in the statement that, çLibra will need to be

accepted in many places and easy to access for those who want to use ité.

From this, the author initially concluded that Libra coin differs from what is

(19)
The Payment System Act B.E. 2560 (2017), <https://www.bot.or.th/English/AboutBOT/
LawsAndRegulations/SiteAssets/Law_E40_Payment.pdf> accessed 1 December, 2019 and

Thailand Penal Code B.E. 2499 (1956).

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