But that might be easier said than done in Asia. For one, regulators, already wary of cryptocurrencies, may not be quick to approve the new digital currency. Observers say they could pile on the regulation, or prevent Libra-to-fiat conversions, which would restrict its adoption. Regulators in the US and UK have already said they are closely watching the development of Libra. China, meanwhile, already has well-funded digital payment incumbents — WeChat and Alipay — which are likely to view Libra as a threat.
SINGAPORE (June 24): Facebook is launching a digital currency that can be used seamlessly on mobile phones at near-zero fees. The social networking giant will also build its own mobile wallet, Calibra, which will act almost like a bank, hosting accounts, giving out loans and even having Calibra-branded ATMs.
Libra is developed as part of an association that includes MasterCard, Visa and Paypal Holdings; marketplace eBay; telco Vodafone Group; media service Spotify Technology; ride hailing service Uber Technologies; venture capital firm Andreessen Horowitz; and NGO Mercy Corps. Notably absent are banks. Indeed, when launched next year, Libra is set to undercut fees banks charge and serve the 1.7 billion “unbanked” people.
