• Latest
Indonesia Passes Rules for Trading of Cryptocurrency Futures

What Indonesia Reveals About Facebook’s Libra Plan

June 26, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

What Indonesia Reveals About Facebook’s Libra Plan

coinnewsdaily by coinnewsdaily
June 26, 2019
in Business
0
Indonesia Passes Rules for Trading of Cryptocurrency Futures
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Facebook published plans for the Libra cryptocurrency in seven languages, including Indonesia’s Bahasa – a move that offers perhaps the clearest glimpse of what Facebook’s fintech ascent might look like.

“Indonesia has the fourth-highest number of Facebook users in the world,” Pang Xue Kai, co-founder of the Indonesian crypto exchange Tokocrypto, told CoinDesk. “If Facebook’s Libra can address the [local] issues, it has the potential to succeed.”

According to the annual media report released by We Are Social and Hootsuite, Indonesia has the world’s highest rate of Facebook post engagement among internet users, over 4 percent, and the highest frequency of online shopping, with 86 percent of Indonesian survey respondents saying they bought something online in the past month.

Since nearly 10 percent of Indonesian respondents said they also own some cryptocurrency, double American percentage, Facebook couldn’t have dreamed up a better market for Libra.

QCP Capital co-founder Joshua Ho, a trader who works closely with Indonesian exchange Tokocrypto, told CoinDesk Facebook’s Libra ecosystem could be a “gamechanger” in Indonesia.

“People are already very aligned with mobile payments,” Ho said. “It is geographically decentralized. Creating banking access is a huge challenge.”

Since the Asian financial crisis in 1997, which sparked rampant inflation, economic recession and political turmoil in Indonesia, Ho said cryptocurrency offers an attractive alternative to fiat currencies and banks the population still distrusts.

Add all this to the World Bank’s estimate that Indonesia is a collection of islands with one of the world’s largest unbanked populations, 97 million adults as of 2017, and it’s clear why Facebook prioritized publishing its crypto materials in the native language.

Anchorage CEO Nathan McCauley, a founding member of the Libra Association, told CoinDesk getting merchants to accept Libra will be a crucial part of encouraging adoption among the unbanked. The Andreessen Horowitz–backed startup will primarily contribute to security and custody features for the Libra ecosystem, especially custody services related to the Libra investment token for institutional investors.

McCauley said Anchorage is currently applying for various licenses, but declined to specify which. He said he did not believe the association or its members would require additional licenses for money transmission or custody features for retail users in various jurisdictions.

Although Facebook’s dominance across Indonesia’s communication networks is growing rapidly, accessibility can still be hindered by government intervention.

“Of course the platform that facilitated a transaction is going to know who the transaction is coming from, who it is going to, and will have the ability to enforce whatever norms, laws or regulations that they need to do so,” McCauley said. “That tends to be jurisdiction dependent and client dependent.”

Privacy risks

Facebook’s omnipresence in Indonesia raises questions about how Libra will impact retail users.

For example, TechCrunch reported the Indonesian government censored access to WhatsApp and Instagram, both owned by Facebook, in May when protests about controversial election results turned violent. Numerous reports have called Facebook a political “battleground” in Indonesia, where data from over a million user accounts was reportedly sold to Cambridge Analytica for targeted political campaigns.

A Facebook spokesperson declined to comment on how relations with local authorities evolved since the protests in May, focusing instead on partnerships forged with six fact-checking entities certified by the Poynter Institute to quell the spread of misinformation among Indonesian users.

This type of scenario raises red flags for Cornell University professor and blockchain researcher Emin Gun Sirer.

“I did not see anything in their roadmap related to privacy at all,” he told CoinDesk about the Libra Association. “I don’t think people are talking about how aggressive the Facebook approach is.”

A blog post by the crypto startup Nym went even further. Nym’s CTO, Dave Hrycyszyn, was briefly with the social media giant after the acqui-hire of Chainspace, a startup he co-founded.

“Libra will provide Facebook and its partners with the ability to analyze every purchase by every single Libra user,” the blog post said:

“While Facebook currently promises that it will not triangulate its vast hordes of personal data with financial transaction information to probe ever deeper into the minds of its human subjects, there are no cryptographic or technical privacy guarantees in Libra to prevent Facebook from doing exactly this.”

Social ecosystem

Mass reliance on the same provider for mobile communication and financial access would give Silicon Valley even more leverage in markets like Indonesia.

CoinDesk contributor Daniel Evans noted Facebook’s Libra Association doesn’t have any partners in the region yet and may not be able to operate “freely.”

Shaun Djie, co-founder of Tokocrypto’s Singapore-based partner, DigixGlobal, told CoinDesk the fintech ecosystem in Indonesia is currently “very malleable” as young people are “receptive to owning cryptocurrencies.” In general, crypto veterans with experience in the Indonesian market were optimistically curious about Libra.

Regardless of privacy concerns, WhatsApp and Instagram would inherently be huge factors in the local Libra ecosystem. Ho confirmed that WhatsApp, with roughly 70 million Indonesian users, is a pivotal tool for local businesses.

The Hootsuite report said 90 percent of small-to-medium businesses in Indonesia identified WhatsApp as a tool for communicating with customers. Plus, the report estimated 20 percent of Indonesian internet users are on Instagram, soaring above the global average of 15 percent.

Speaking to the local vision for Libra, a Facebook spokesperson told CoinDesk:

“Facebook is committed to helping Indonesians come together to build communities and support businesses – both large and small – through initiatives and programs with local partners.”

Image of Jakarta, Indonesia via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Crypto Analyst Says Bitcoin Price Could Hit $100,000 During Next Bull Run

Next Post

AICPA Proposes New Standards That Would Apply to Blockchain-Based Audit Data

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
AICPA Proposes New Standards That Would Apply to Blockchain-Based Audit Data

AICPA Proposes New Standards That Would Apply to Blockchain-Based Audit Data

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,729.00-1.99%
  • ethereumEthereum(ETH)$1,181.19-3.07%
  • tetherTether(USDT)$1.00-0.12%
  • binancecoinBNB(BNB)$234.02-0.98%
  • rippleXRP(XRP)$0.343811-5.72%
  • cardanoCardano(ADA)$0.482245-3.38%
  • SolanaSolana(SOL)$37.52-6.23%
  • dogecoinDogecoin(DOGE)$0.069773-6.86%
  • polkadotPolkadot(DOT)$7.56-5.21%
  • Shiba InuShiba Inu(SHIB)$0.000011-5.51%
  • daiDai(DAI)$1.00-0.05%
  • tronTRON(TRX)$0.065615-3.23%
  • leo-tokenLEO Token(LEO)$5.82-1.00%
  • matic-networkPolygon(MATIC)$0.52-8.97%
  • litecoinLitecoin(LTC)$54.61-5.48%
  • FTXFTX(FTT)$27.05-1.67%
  • OKBOKB(OKB)$12.23-3.36%
  • CronosCronos(CRO)$0.122981-2.35%
  • chainlinkChainlink(LINK)$6.44-6.65%
  • stellarStellar(XLM)$0.116121-4.87%
  • algorandAlgorand(ALGO)$0.323623-4.32%
  • cosmosCosmos Hub(ATOM)$7.59-7.90%
  • ethereum-classicEthereum Classic(ETC)$16.12-6.73%
  • moneroMonero(XMR)$118.06-6.36%
  • bitcoin-cashBitcoin Cash(BCH)$109.10-5.06%
  • vechainVeChain(VET)$0.024252-3.07%
  • tezosTezos(XTZ)$1.607.44%
  • Internet ComputerInternet Computer(ICP)$5.64-4.09%
  • theta-tokenTheta Network(THETA)$1.32-3.93%
  • filecoinFilecoin(FIL)$5.66-4.69%
  • ElrondElrond(EGLD)$54.63-2.67%
  • bitcoin-cash-svBitcoin SV(BSV)$58.33-4.90%
  • eosEOS(EOS)$0.97-4.12%
  • AaveAave(AAVE)$64.23-3.77%
  • makerMaker(MKR)$980.77-4.70%
  • paxos-standardPax Dollar(USDP)$1.00-0.07%
  • huobi-tokenHuobi(HT)$5.30-0.61%
  • iotaIOTA(MIOTA)$0.286684-2.07%
  • zcashZcash(ZEC)$61.31-6.16%
  • neoNEO(NEO)$9.33-3.59%
  • zilliqaZilliqa(ZIL)$0.043094-7.92%
  • basic-attention-tokenBasic Attention(BAT)$0.388095-3.45%
  • wavesWaves(WAVES)$5.68-9.75%
  • havvenSynthetix Network(SNX)$2.35-13.14%
  • dashDash(DASH)$48.24-4.15%
  • PancakeSwapPancakeSwap(CAKE)$3.31-1.70%
  • KusamaKusama(KSM)$50.94-5.80%
  • nemNEM(XEM)$0.041538-0.55%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$49.05-5.91%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.95-2.96%
  • bitcoin-goldBitcoin Gold(BTG)$16.97-3.56%
  • omisegoOMG Network(OMG)$1.96-0.44%
  • golemGolem(GLM)$0.2527953.93%
  • SushiSushi(SUSHI)$1.13-4.31%
  • ontologyOntology(ONT)$0.2431211.63%
  • yearn-financeyearn.finance(YFI)$5,925.68-9.11%
  • umaUMA(UMA)$2.64-4.01%
  • digibyteDigiByte(DGB)$0.009835-7.23%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....