Facebook’s Libra May Target Latin America First
Friday, July 26, 2019
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.