{"id":596643,"date":"2019-07-03T13:36:30","date_gmt":"2019-07-03T13:36:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/facebooks-grandiose-ambitions-for-financial-inclusion-sound-great-but-libra-may-be-destined-to-remain-a-pipe-dream\/"},"modified":"2019-07-03T13:36:30","modified_gmt":"2019-07-03T13:36:30","slug":"facebooks-grandiose-ambitions-for-financial-inclusion-sound-great-but-libra-may-be-destined-to-remain-a-pipe-dream","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/facebooks-grandiose-ambitions-for-financial-inclusion-sound-great-but-libra-may-be-destined-to-remain-a-pipe-dream\/","title":{"rendered":"Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream"},"content":{"rendered":"

Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream:<\/b> The announcement of Facebook\u2019s new Libra cryptocurrency last month was greeted by media fanfare and scepticism in equal measure. What Libra is proposing is potentially revolutionary: a global cryptocurrency capable of delivering mobile banking to the entire planet. But even if we leave aside the regulatory concerns, the limited internet infrastructure in many developing countries mean that Libra in its current form is destined to remain a pipe dream, Patrick Jenkins writes in the FT<\/a>.<\/p>\n

What is Facebook proposing?<\/b> In its policy document<\/a>, Facebook pitches Libra as a global cryptocurrency that allows people across the world to store and transfer money using only their Facebook accounts. The bns of people living in developing countries currently unable to open a bank account, transfer money, and secure a loan would be able to achieve all of this through a single app, effectively rendering bank accounts defunct. But what makes Libra truly unique in the crypto sphere is that it would it be backed by a basket of underlying assets<\/a>, comprised mainly of bank deposits and low-risk government securities. This would help reduce volatility and stabilize the rate of exchange into local paper currencies.<\/p>\n

How realistic is financial inclusion? <\/b>If we assume that Zuckerberg\u2019s intentions are benign, his grandiose ambitions are impressive. But as Jenkins points out, reality often turns out to be disappointing, and there remain serious obstacles to Libra ever becoming workable in developing countries. Around 75% of the 1.7 bn financially excluded people do not have access to the internet<\/a>. Broadband infrastructure remains rudimentary in many developing countries, and while smartphone ownership is growing, many people are unable to afford the kinds of phones used by consumers in advanced economies. And then there\u2019s the question of transaction fees. The company claims that any charges would be low, but convincing people living in low-income, cash-based economies to pay fees every time they want to make a transfer could prove to be a hard-sell \u2014 one that it has so far chosen to ignore.<\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream: The announcement of Facebook\u2019s new Libra cryptocurrency last month was greeted by media fanfare and scepticism in equal measure. What Libra is proposing is potentially revolutionary: a global cryptocurrency capable of delivering mobile banking to the […]<\/p>\n","protected":false},"author":1,"featured_media":596644,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[204,344,72,647,290,894,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-banking","tag-cryptocurrency","tag-enterpriseam","tag-facebook","tag-financial-inclusion","tag-social-media","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"fdb1a057-d3d4-43e1-94a5-5d6c34386d8f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/700.jpg","photo_position":"above","related_issue":[596618],"teaser":"","voice_url":""},"yoast_head":"\nFacebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/facebooks-grandiose-ambitions-for-financial-inclusion-sound-great-but-libra-may-be-destined-to-remain-a-pipe-dream\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream\" \/>\n<meta property=\"og:description\" content=\"Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream: The announcement of Facebook\u2019s new Libra cryptocurrency last month was greeted by media fanfare and scepticism in equal measure. 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Mark Zuckerberg may have hoped that Facebook\u2019s new cryptocurrency Libra would be subject to \u201conly the lightest touch\u201d of regulation, but he appears to have underestimated how seriously regulators take the prospect of a new global cryptocurrency,\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/Zuckerberg-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567519,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/stablecoins-probably-arent-the-answer-to-financial-inclusion\/","url_meta":{"origin":596643,"position":1},"title":"Stablecoins probably aren\u2019t the answer to financial inclusion","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"Here\u2019s why Libra and \u2018stablecoins\u2019 probably aren\u2019t the answer to financial inclusion: The noise from the Libra hype train has been noticeably quiet these past few months. Having emerged last year with a swashbuckling raison d\u2019etre to overturn the global financial system as we know it, successive beatdowns from regulators\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/694.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594471,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/30\/facebooks-cto-in-wsjs-elevator\/","url_meta":{"origin":596643,"position":2},"title":"Facebook\u2019s CTO in WSJ\u2019s Elevator","author":"enterpriseam admin","date":"30 October 2019","format":false,"excerpt":"If you happened to come across Facebook\u2019s CTO in an elevator, what would you ask him? WSJ\u2019s Joanna Stern had a lot of questions during this awkward five-minute ride. The pair discussed everything from global concerns over Libra, to Facebook\u2019s privacy controversies and the future of augmented reality (watch, runtime:\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/2313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595378,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","url_meta":{"origin":596643,"position":3},"title":"USD dominance under threat as digital currencies look to transform global financial system","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594189,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/","url_meta":{"origin":596643,"position":4},"title":"Digital currencies are now on the agenda for many central banks","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Cryptocurrencies are now firmly on the radar of central banks: Facebook\u2019s controversial plans to launch its Libra cryptocurrency has \u201cspooked\u201d central bankers, and driven home the message that if they don\u2019t make their own digital currencies, someone else will, writes Brendan Greeley in the Financial Times. As a result, central\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596159,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/what-were-tracking-on-20-august-2019\/","url_meta":{"origin":596643,"position":5},"title":"What we\u2019re tracking on 20 August 2019","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"We\u2019re just two days away from the Central Bank of Egypt\u2019s Monetary Policy Committee meeting. The general consensus among economists we polled in our survey this week is that the MPC will push ahead with the first rate cut since February, with most anticipating a 100 bps cut.Naeem Holdings\u2019 Yara\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596643"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596643\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596644"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596643"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596643"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}