Friday
July 26
2019

Facebook’s Libra May Target Latin America First

By Ivan Castano

Facebook’s new digital currency Libra will likely find its easiest use-and-growth case in Latin America due to the region’s high rate of unbanked citizens, the company’s large customer base and relatively friendly cryptocurrency regulations.

“Latin America is the market where they have the greatest opportunity for growth,” said Sebastian Serrano, founder and CEO of regional cryptocurrency wallet Ripio. “There is a huge need for financial inclusion, a very big user base and familiarity with cryptocurrencies.”

Unlike the U.S (where Libra is facing big regulatory headwinds and a possible ban) or China (where cryptocurrencies are banned), Mexico, Argentina, Brazil, Chile and Venezuela allow Bitcoin and its ilk to be used for payment. This—coupled with 271 million users and a plethora of merchants that allow users to log in to their sites through their Facebook accounts—should help fuel Libra adoption.

Photo courtesy of Victor Camilo.

Source: Global Finance (link opens in a new window)

Categories
Finance
Tags
cryptocurrency, digital finance, emerging markets, financial inclusion, financial innovation, financial services, unbanked