Facebook-led Libra wants to provide a global currency to the 1.7 billion individuals who are unbanked, the overwhelming majority of whom reside in developing nations. The Libra white paper and the many discussions that ensued failed to mention that many developing nations already have vibrant mobile money/e-wallet services with specific goals to serve the unbanked. Those services enjoy regulatory support, possess local know-how, and operate on-the-ground distribution networks. They still have a long way to go but are generally growing at healthy rates.
Libra’s Mission Impossible
Libra’s Mission Impossible
Libra’s Mission Impossible
Facebook-led Libra wants to provide a global currency to the 1.7 billion individuals who are unbanked, the overwhelming majority of whom reside in developing nations. The Libra white paper and the many discussions that ensued failed to mention that many developing nations already have vibrant mobile money/e-wallet services with specific goals to serve the unbanked. Those services enjoy regulatory support, possess local know-how, and operate on-the-ground distribution networks. They still have a long way to go but are generally growing at healthy rates.